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Biden plans to use cold-war era law in attempt to lower US prices
(www.theguardian.com)
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this post was submitted on 27 Nov 2023
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politics
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This is the best summary I could come up with:
The White House has announced it plans to use a cold-war era law to ease supply chain issues that the administrations argues are contributing to higher inflation – a key electoral challenge to Joe Biden’s re-election chances next year as polling consistently suggests voters are not buying his Bidenomics pitch.
In a statement, the White House said Biden will use the Defense Production Act to improve the domestic manufacturing of medicines deemed crucial for national security and will convene the first meeting of the president’s supply chain resilience council to announce other measures tied to the production and shipment of goods.
But the White House has acknowledged that improving economic picture is not shared by consumers, and the administration has explicitly tied the economy to the president by calling it Bidenomics.
Prices have risen as much in the past three years as they had in the previous decade, according to a report by Bloomberg, and it now costs almost $120 to buy the same goods and services a family could afford with $100 before the pandemic.
According to Bloomberg, groceries and electricity are up 25%, used-car prices have climbed 35%, auto insurance 33% and rent roughly 20% since January 2020.
“When supply chains are smooth, prices fall for goods, food, and equipment, putting more money in the pockets of American families, workers, farmers, and entrepreneurs,” the statement added.
The original article contains 581 words, the summary contains 228 words. Saved 61%. I'm a bot and I'm open source!