Amid the Hottest US Inflation in 40 Aastaid, Biden Administration Blames Rising Prices on Shipping Industry

Amid the Hottest US Inflation in 40 Aastaid, Biden Administration Blames Rising Prices on Shipping Industry

During the last few months, inflation has risen significantly in the United States as it has climbed at its fastest pace since 1982. Data shows younger families with children have been struggling to make ends meet, while reports further indicate retirees and older folks with fixed incomes are feeling the brunt of rising inflation. After the Biden administration blamed Vladimir Putin for Americas 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 Frowns at Shipping Industry, Claims Foreign-Owned Ocean Carrier Monopolies Exist

Last week, USA. president Joe Biden and members of his administration väitis that rising inflation in America was caused by Vladimir Putins aggressive actions in Ukraine. Biden explained his reasoning after the U.S. Labor Department published its Consumer Price Index (CPI) data for February. The data showed the CPI rose at the fastest rate in 40 years as the cost of consumer goods and services has continued to climb. A week later, as the Russia-Ukraine conflict continues Biden now insists shipping prices are contributing to Americas increasing inflation rates.

The New York Times (NYT) reports USA. president Biden haspledged to try to lower coststhat he believes is dominated by foreign-owned ocean carrier monopolies. Biden mentioned that the industry has seen record profits and he supportsinvestigations into antitrust violations and other unfair practices.” Hoolimata number of warning signs avaldatud 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, Bidens administration has not pointed the finger at Americas monetary system.

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US Inflation Plagues Millennials and Retirees With Fixed Incomes, Biden Insists AdministrationTaking Steps to Lower Consumer Prices

Vahepeal, many reports show Millennials are dealing with inflationary pressures for the first time and U.S. parents with children are struggling to make ends meet. Lisaks, data shows Americas 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 onsurvival modeas inflation has hit the demographic the hardest. Since 2020, USA. monetary system has expanded like no time in history, ja data shows a ‘real valueof the dollar has declined by 86% since 1972.

As far as Bidens crackdown on shipping prices, the NYT report explains that it isunclear to what extent more government oversight and enforcement will actually bring down shipping costs.Its not the first time the White House has blamed high shipping costs on rising inflation as Bidens administration avaldatud a fact sheet at the end of February calledLowering Prices and Leveling the Playing Field in Ocean Shipping.The fact sheet insists Bidens administrationis taking steps to lower consumer pricesin ocean shipping.

What do you think about Bidens administration blaming inflation on shipping costs and the presidents plan to add government oversight to the shipping industry? Andke meile allolevas kommentaaride jaotises teada, mida te selle teema kohta arvate.