Inflation has increased significantly in America over the past few months. It has been climbing at the fastest rate since 1982. According to data, younger families have struggled to meet their financial obligations. Meanwhile reports indicate that older people with fixed incomes and retirees have suffered the most from rising inflation. After the Biden administration blamed Vladimir Putin for America’s inflationary pressures last week, reports now say Biden has discovered another infractor, as he claims shipping prices have fueled sky-high prices across the country.
Biden Administration Denies Shipping Industry Factors, Claim Foreign-Owned Ocean Carrier Monopolies Exist
Last week, U.S. president Joe Biden and members of his administration claimed that rising inflation in America was caused by Vladimir Putin’s aggressive actions in Ukraine. Biden made this claim after U.S. Labor Department’s February Consumer Price Index (CPI-) data was released. According to the data, the CPI grew at an unprecedented rate of 40 years. This was despite the fact that consumer prices have continued to rise. A week later, as the Russia-Ukraine conflict continues Biden now insists shipping prices are contributing to America’s increasing inflation rates.
The New York Times (NYT) reports U.S. president Biden has “pledged to try to lower costs” that he believes is dominated by foreign-owned ocean carrier monopolies. Biden mentioned that the industry has seen record profits and he supports “investigations into antitrust violations and other unfair practices.” Despite the number of warning signs published over and over during the last two decades, highlighting the evidence that quantitative easing (QE), government spending, and excessive stimulus are the culprits of inflation, Biden’s administration has not pointed the finger at America’s monetary system.
US Inflation Plagues Millennials and Retirees With Fixed Incomes, Biden Insists Administration ‘Taking Steps to Lower Consumer Prices’
Many reports indicate that Millennials face inflationary pressures and parents in the United States are having difficulty making ends meet. Additionally, data shows America’s elderly and retirees with fixed incomes are suffering from the cost of higher prices as well. Statistics also specify that low-income U.S. residents are relying on “survival mode” as inflation has hit the demographic the hardest. Since 2020, the U.S. monetary system has expanded like no time in history, and data shows the ‘real value’ of the dollar has declined by 86% since 1972.
As far as Biden’s crackdown on shipping prices, the NYT report explains that it is “unclear to what extent more government oversight and enforcement will actually bring down shipping costs.” It’s not the first time the White House has blamed high shipping costs on rising inflation as Biden’s administration published a fact sheet at the end of February called “Lowering Prices and Leveling the Playing Field in Ocean Shipping.” The fact sheet insists Biden’s administration “is taking steps to lower consumer prices” in ocean shipping.
What do you think about Biden’s administration blaming inflation on shipping costs and the president’s plan to add government oversight to the shipping industry? We’d love to hear your views on the subject.
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