Amid the Hottest US Inflation in 40 Years, 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 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 Frowns at Shipping Industry, Claims 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 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 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’
Meanwhile, 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. 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? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.