Biden’s plan for the state of the Union to combat rampant inflation will include “cutting costs, not wages” and moving more “faster and cheaper” US goods to stop relying on foreign supply chains
- Consumer prices jumped an average of 7.5 percent in January
- Biden will promise in a speech Tuesday that his plan will also “reduce the deficit”
- He will call for increased production of cars and semiconductors in the United States
- The president will speak at a joint session of Congress in the Capitol at 9 p.m.
President Joe Biden will tell Americans on Tuesday night that there is a “better plan” to fight growth inflation this included “cutting costs, not wages”, according to an excerpt from his speech on the state of the Union.
“We have a choice. One way to fight inflation is to cut wages and make Americans poorer. “I have a better plan to fight inflation,” said part of Biden’s speech. “Reduce your costs, not your salaries. Make more cars and semiconductors in America. More infrastructure and innovation in America.
“More goods are moving faster and cheaper in America. More jobs where you can make a good living in America. And instead of relying on foreign supply chains, let’s do it in America.
“Economists call it ‘increasing the productive capacity of our economy.’ I call it building a better America. My anti-inflation plan will reduce your spending and reduce your deficit.
Consumer prices jumped an average of 7.5 percent in January, according to the latest available data from the Ministry of Labor, a pace not seen since the 1980s.
However, it seems that the cornerstone of Biden’s economic program last year, his plan to recover better costs, may be significantly absent from high-profile remarks.
President Biden to discuss economy, record high inflation and situation in Ukraine in speeches tonight
Biden is expected to send a good mood message to the economy, citing a record low unemployment rate, rising wages and the creation of more than six million jobs since taking office.
But that message has been mitigated by high spending on goods and services: inflation is at a record 7.5 percent in the United States.
He will use the word “inflation” in his remarks.
“The president will absolutely use the word inflation tomorrow and he will talk about inflation in his speech, of course, this is a huge problem in the minds of Americans,” Psaki said.
In particular, Biden will call on Congress to increase the maximum Pell Grant award by $ 2,000, raise the federal minimum wage to $ 15 per hour and create a national paid family leave program.
Inflation reached a 40-year high of 7.5 percent, the Department of Labor said, a figure not seen by the Reagan administration
Biden will also urge Congress to adopt housing, education and climate reforms as part of a four-point plan focusing on “doing more in America”; reduction of daily expenses; “Promoting fair competition”; and “removing barriers to well-paid jobs” according to a reference from the administration.
Many of his ideas will reflect those in Build Back Better, his social services legislation for approximately $ 2 trillion.
But the name of his signed legislation may not appear.
“It’s not about the name of the bill,” a senior administration official said Monday during a briefing with reporters. – It’s about ideas. It’s about cutting costs for families.
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