While in California last week, President Biden discussed the issue of inflation.
KVML’s “Newsmaker of the Day” for Monday was Biden. From the Port of Long Beach, these are his words:
“Look, folks, today I’d like to discuss my top economic priority: combating inflation. Americans, I understand, are worried, and rightfully so. When the price of gasoline skyrocketed, it was a topic of conversation at our dinner table when I was growing up. When food costs went up, it made a difference.
But nothing like Putin’s food and gas taxes has ever been seen before.
Americans should also recognise that our economy has distinct advantages on which we can capitalise. Despite the inflation, the job market is at its strongest since World War II. Last month, we added 390,000 new jobs, bringing the total number of new jobs since my election to 8,700,000. This is a new high. In that amount of time, I’ve never had so many jobs. (Applause.)
The unemployment rate is at an all-time low. Millions of people in the United States are advancing their careers and earning more money.
In addition, since I took office, the average American family has had less debt. They have more money in their bank account than they did previously.
We’re doing it all while reducing the federal deficit by $1.7 trillion this year and $320 billion the previous year. (Applause.)
I’m going to — anyway — I’m going to be good if one of my MAGA friends brings up the subject of debt and deficits again. (Laughter.) They added 2 trillion dollars to the deficit. That’s a different story altogether.
But, look, this is the country’s worst decline ever. Because of its progress, America can confront inflation from a position of strength unlike any other country on the planet, because every country on the planet is taking a big bite out of it — worse than we are in the vast majority of countries.
But make no mistake: I recognise that inflation is a significant problem for American families.
The inflation report released today confirmed what many Americans already suspected: Putin’s price hike is having a significant impact on the United States.
At the pump, the cost of gasoline is high. Since May, half of the monthly price increases have been attributed to energy and food prices.
Outside of energy and food, inflation slowed in the last two months, which economists refer to as “core inflation.” It didn’t go down completely, but it did moderate. We also need it to fall much faster.
My administration will continue to do everything possible to help the American people save money. Also, Congress must act, which it has done recently.
Lowering the cost of moving goods through the supply chain is an important way to combat inflation.
When I first started talking about supply chains, well over a year ago, the American people were understandably perplexed. “Supply chain — what?” they wondered. — I mean, that isn’t something you hear every day in their jargon. However, they now fully comprehend it. It’s clear to them.
The supply chain is what happens when you can’t get the materials you need to build a product, whether it’s an automobile or something else. That is why my attention has been drawn to ports.
Due to the disruption caused by the pandemic, ports around the world were congested last fall, so we brought together port operators, shipping companies, and labour to help alleviate the bottlenecks. As a result, when you went Christmas shopping last year, 97% of all packages arrived on time and on shelves. Remember, those shelves were going to be empty. It was accomplished by each of you. (Applause.) It’s not a joke, believe it or not. You completed it efficiently and on time. Before the pandemic, delivery times were actually faster.
And, compared to last November, there are roughly 40% fewer containers clogging the docks for extended periods.
May was the busiest month in the history of the Port of Los Angeles — the busiest month ever.
We’re also assisting in the funding of upgrades. We passed the Infrastructure Bill, and we’re funding major new initiatives on the docks — on-dock rail systems, the Port of Long Beach — to move goods more quickly, thanks to what my friends in Congress have accomplished. Also, port electrification so that communications near ports can be improved — and communities can breathe cleaner air because electric machines are used instead of gas, coal, and other fossil fuels.
Thanks to the Bipartisan Infrastructure Law, we’re continuing to expand the capacity of our ports.
Look, there was a time when we approached trucking differently.
Remember how, in December, we brought industry and labour together to address the issues that truck drivers face? To speed things up, we needed to double the number of commercial driver licences issued by the states. It was successful. We sped up the process of creating and registering apprenticeships, allowing aspiring drivers to earn money while they learned.
So, what was the outcome? Earlier this year, we reached a new high for trucking employment. Even after adjusting for inflation, truckers’ wages increased.
With a new Super [Supply] Chain Envoy, General Steve Lyons, we’re going to keep pushing forward. General Lyons is a four-star general who has served in the military for over a decade. He was in charge of moving a small amount of stuff — he was in charge of Transportation Command — only tens of millions of billions of tonnes of stuff to move, from tanks to aircraft and everything else.
But, jokes aside, he’s returned to the game. He is no longer in the workforce. He’s assisted us in identifying and addressing issues that arise at our ports, railroads, and on the road.
It’s all about lowering family costs.
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I must admit that many of us elected officials have been in office for quite some time. Something you learn every now and then makes you viscerally enraged. As if you wanted to pop the person in front of you. I’m not joking.
Shipments from Asia to the United States are handled by nine major ocean line shipping companies. Nine. Three consortia are formed. These businesses have increased their prices by up to 1,000%. So they get 90% of what comes from Asia. It’s been increased by a thousandfold.
