Biden Addresses Inflation Concerns, Says ‘Top Priority is Getting Prices under Control’

In his State of the Union speech on Tuesday night, U.S. President Joe Biden addressed rising inflation concerns and listed the several measures that his administration is taking to check costs.

He added that “too many people are struggling to keep up with the bills” due to mounting inflation. Biden told Congress that it is “robbing them of gains”, which is why his “top priority is getting prices under control.”

Biden’s solution to countering rising pandemic-induced inflation include stepping up the production of “cars and semiconductors in America” and to cut the costs of medicines. He also threw light on the need to make childcare more affordable, especially for working middle-class families.

President Biden’s address comes as inflation hit a 7.5% rate in the U.S. The S&P 500 stock index plummeted by 10% this year amid predictions of the Federal Reserve’s monetary policy tightening with the first of many interest rate hikes for this year scheduled to come into effect following their policy meeting in March.

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