RIGHT NOW: President Biden speaks at America's busiest port amid an inflation issue that has eluded policy tweaks, deals brokered with the private sector, infrastructure spending and regulatory actions.
Biden will speak at the port, America's busiest, on Friday with inflation persisting as a problem that has eluded his policy tweaks, deals brokered with the private sector, infrastructure spending and regulatory actions.last October under an agreement that the White House helped to shepherd. The goal was to remove backlogs of ships waiting to dock and containers waiting to flow into the country, a logjam that was pumping up prices as the world began to recover from the coronavirus pandemic.
Gene Seroka, executive director of the Port of Los Angeles, said there were many levers that caused performance to improve in terms of getting goods to consumers and businesses faster. But he specifically credited the "convening powers of the federal government to bring people to the table" and the Biden administration's focus on the supply chain.
The strong consumer demand has been a mixed blessing for Biden. It reflects the robust job growth and solid household balance sheets that followed the $1.9 trillion coronavirus relief package passed last year. But demand has consistently outpaced supply, causing prices to rise to levels that are forcing the Federal Reserve to try to slow growth and possibly risk a recession.
The president will also seek to frame inflation as a global challenge, having been triggered first by the pandemic and then by Russia's invasion of Ukraine. Biden is attempting to rebut criticism by Republican lawmakers that inflation was the result of his government aid being too generous and his restrictions on U.S. oil production too onerous.There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
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