(TargetLiberty.org) – With the economy struggling and prices skyrocketing, right now is quite possibly the worst time for a sitting president to admit their actions contributed to inflation. Yet, that’s exactly what happened earlier this week. In a shocking moment of honesty, President Joe Biden laid at least part of the blame for rising inflation squarely at his own feet.
Biden made the contentious comments in question during a Wednesday press conference in Baltimore. While the president indicated he believes supply chain issues play an important role in inflation, he also admitted his own stimulus checks contributed.
Calling it ironic, Biden touched on the fact many Americans have “more money” now specifically because he passed the stimulus legislation. He pointed out a significant number of people received $1400 checks this year, while parents with kids under 17 received between $300 and $360 per month. That extra injection into the economy had its own effect.
“But what happens if there’s nothing to buy and you got more money?” he asked. “You compete for getting it there. It creates a real problem.”
Ultimately, what he means is demand is outpacing supply, especially with more money in the average American pocket.
How Biden Plans to Address the Economy
During the same speech, Biden committed to finding new ways to fix the economy. He said he’s already spoken to retailers and shipping companies, including Walmart, Target, FedEx, and USPS; all agreed to 24/7 business to keep shelves stocked and smooth out the supply of goods over the holidays. Many of the same companies are also coordinating to offload cargo barges — a major sticking point throughout much of 2021.
Biden credited the recently-passed infrastructure bill for future improvements, too. He says it will inject cash into roads, bridges, waterways, and more, indirectly facilitating faster shipping times while smoothing out land and water trade routes. Biden also pointed to the nearly 315-year-old port in Baltimore as an example of where infrastructure funding may help.
The president took a moment to touch on the aging B&O Railroad system, an integral part of land-based trade that helps usher goods across the United States from ports on either coastline. He commented the railroads rely on tunnel systems in many locations, some of which are now over 126 years old. In some regions, only one train can pass through them at a time, causing serious bottlenecks in the already-clogged system.
Biden feels the infrastructure bill will ultimately improve all of these pain points over time. Yet, he also plans to support companies who innovate by creating new jobs and finding solutions to the ongoing supply chain problem. He says this will make the system more resilient from the ground up, so the next pandemic simply can’t do as much damage.
Do you think Biden is doing enough to put the American economy back on the right track?
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