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President Biden addressed inflation in a major speech earlier this week, discussing Biden-Harris administration plans to tackle the rising prices that are putting a strain on American families. In a statement released by the White House, Biden said tackling inflation and reducing cost for American families is his “top economic priority”.
Across the country, many Americans are feeling the effects of inflation at the grocery store and gas pumps. This week, the national average gas price is $4.37, a $1.33 increase from May 2021. In addition to fuel prices rising, the cost of food is expected to rise between 2.5 and 3.5 percent in the coming months, according to the United States Department of Agriculture.
President Biden said he plans to lower inflation by lowering costs that families face and lowering the federal deficit by asking the large corporations and the wealthiest Americans to pay their fair share. “These two major contributors to inflation are both global in nature,” Biden said “That’s why we’re seeing historic inflation in countries all over the world.”
Biden outlined his plans to fight inflation, saying he believes lowering the cost for middle class families instead of taking money out of their pockets is the solution. The Biden-Harris administration plans to tackle the following areas:
- Lowering Prescription Drug and Health Care Costs
- Lowering Food Prices by Helping American Farmers Grow More, and compete more effectively.
- Lowering the Cost of Everyday Goods by Repairing Infrastructure, Supply Chains, and Manufacturing.
- Lowering Housing Costs by Building more Homes
