Biden admits that the price of consumer goods in the U.S. remains too high

The consumer price level in the U.S. remains too high. U.S. President Joe Biden acknowledged this on Wednesday.

“Today I would like to talk here about one of the most pressing economic issues for the people of America. The first is lowering prices. The second is ensuring that our stores are filled with goods. The third is getting large numbers of people back to work. Today’s economic report from the Labor Department showed that the unemployment rate continues to fall, but consumer prices are still too high. Everything from a gallon of gasoline to a loaf of bread costs more. We still have problems, we still have to solve them,” said the U.S. president, speaking in Baltimore, Maryland.

Biden stressed that the country, meanwhile, is experiencing “the fastest economic growth in decades and the fastest decline in the unemployment rate since 1950.” “But we also have problems. A lot of people feel uncertain about the economy, and we know why that’s happening. They’re seeing high prices.”

Biden’s speech focused on his U.S. infrastructure program. The related plan, worth more than $1 trillion, was previously approved by both houses of Congress, according to the White House press service, and Biden will sign it on Monday, Nov. 15.

“This is a unique investment in creating good-paying jobs, modernizing our infrastructure, turning the need to address the climate crisis into an opportunity, this program puts us on the path to winning the 21st century economic competition we face with respect to China and the rest of the world. China is ahead of us in research and development spending. China is ahead of those other countries, too,” said Biden.