U.S. President Joe Biden speaks about efforts to strengthen United States supply chains that effect economic and national security, during the first meeting of the new White House Council on Supply Chain Resilience, in the Indian Treaty Room of the Eisenhower Executive Office Building at the White House complex in Washington, U.S., November 27, 2023.

President Biden called out corporations for sustained high prices despite inflation slowing and some reduced shipping costs. Emphasizing the need to halt price-gouging, he urged companies to ease the burden on consumers.

Though annual inflation rates have tempered, it doesn’t equate to decreased consumer prices. While certain everyday goods saw reduced costs, Biden’s administration links this to his economic agenda, aiming to tout these trends as successes.

Despite these claims, Biden faces public skepticism about his economic performance. Acknowledging this disconnect, the administration targets “junk fees” embedded in bills, aiming to demonstrate actions benefiting Americans directly and address inflation concerns.

Highlighting the substantial price spikes post-pandemic, Biden emphasizes the strain on family budgets, attributing the escalation to pent-up demand, economic stimulus, and supply chain disruptions.

To sustain economic recovery, Biden unveils the Supply Chain Resilience Council, launching 30 initiatives to tackle supply chain pressures and prevent future shortages of essential products like drugs and semiconductors.