Biden: "Inflation Is My Priority... Costs, Not Wages, Must Be Lowered"

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden, in his first State of the Union address since taking office, mentioned the issue of inflation in the United States, which is at its highest level in 40 years, and stated that it would be his top priority. Inflation has recently become one of the main concerns for Americans.

On the night of the 1st (local time), during the State of the Union address held at the U.S. Capitol in Washington, D.C., President Biden said, "My top priority is to control prices."

He said, "One way to fight inflation is to lower wages and make Americans poorer, but I have a better plan," calling it "Building a Better America."

First, President Biden emphasized, "Reduce costs, not wages. Make more cars and semiconductors in America." He also mentioned the need for more infrastructure and innovation within the U.S., as well as faster and cheaper movement of goods. He stressed, "Instead of relying on overseas supply chains, let's do it in America."

President Biden said that economists call this "increasing the productive capacity of the economy," and added, "I would call it Building a Better America." He continued, "My plan to fight inflation will lower your costs and reduce the deficit," adding, "Seventeen Nobel Prize-winning economists say my plan will reduce inflationary pressures in the long term."

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