President of the United States (US) Joe Biden admits that the US pays too much for everyday goods. After government data showed inflation had peaked in the last 30 years, he vowed to tackle inflation outright. The sharp jump in the consumer price index (CPI) reported by the Labor Department surprised both economists and the government.
The presidential office said Biden would sign the infrastructure package into law on Monday (11/15) with lawmakers. Both who helped write it and others who paved the way for the president’s desk.
U.S. inflation has remained muted in recent years. But, it is back on the rise with retaliation in 2021 when American businesses begin to return to normal operations with the help of the Covid-19 vaccine. Prices are being pressured by high demand from cash-fed consumers, combined with a shortage of US workers, and disruptions in supply chains around the world that are slowing shipments of critical components such as semiconductors.
Biden argues that the hike will prove to be temporary. It has given its opponents the power of counter-argument against the spending plans he’s at stake as president, as his approval ratings plummet.