President Biden attempted to shift blame away from his administration for the state of consumer prices after admitting they were “still too high.” His comments came during a speech on the supply chain issues facing the U.S., following days of his administration taking credit for lower Thanksgiving meal prices. However, Biden’s claims have been met with skepticism.
Biden acknowledged that while wages for working families have increased and inflation has decreased by 65%, there is still a need for further improvement. “Prices are still too high for too many things, and times are still too tough for too many families,” Biden stated. He urged corporations to stop price gouging and give American consumers a break.
The president also touted the fact that the cost of making a Thanksgiving meal this year was the “fourth cheapest ever on record.” However, this claim has been deemed misleading as the overall cost of the meal is actually 30% higher than in 2020 and 25% higher than in 2019, according to the American Farm Bureau. While certain items saw a slight reduction in cost, higher household earnings offset these savings.
Biden’s call for companies to lower prices echoes his previous criticism of oil companies last year when gas prices were at a record high. He urged gas stations to reflect the actual price they were paying for the product at the pump. However, many have pointed out that these lower prices have not been seen by consumers.
Critics argue that Biden is attempting to shift blame away from his administration’s handling of the economy and inflation. They cite record-high inflation rates and the continued profitability of big corporations as evidence that the administration’s policies are not effectively addressing these issues.
It remains to be seen whether Biden’s call for lower prices will have any significant impact on consumer costs. As the holiday season approaches, many Americans are still grappling with rising prices and financial hardships. The president’s remarks have sparked a debate about the true causes of high consumer prices and how best to address them.
In the midst of a challenging economic landscape, Biden’s efforts to tackle high consumer prices will likely be closely scrutinized. As the 2024 campaign trail heats up, the economy is expected to be a key issue for voters, making it crucial for the administration to demonstrate effective solutions to alleviate the financial burdens faced by American families.
