WASHINGTON, Jan 20 ― Lowering the record rate of US inflation will “be a haul,” President Joe Biden said yesterday, but he insisted the price increases will subside if supply chain snarls and component shortages are resolved.
He said provisions in his Build Back Better spending proposal, which is stalled in Congress, would improve the situation, but “it's going to be hard and take a lot of work.” Biden's approval rating has fallen as inflation has accelerated, prompting the White House to announce moves to address price fixing and concentration in industries, including slaughterhouses, to lower meat prices, increase semiconductor production and release oil reserves to reign in gas prices.
After providing “extraordinary support” to the economy, “It's appropriate as... Fed Chairman Powell has indicated, to recalibrate the support that is now necessary,” Biden said.
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