LIVE: Biden visiting LA port as high inflation persists as threat
LOS ANGELES — In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. But so far, inflation just keeps getting the better of the U.S. economy and of the Biden administration.
The Labor Department reported Friday that consumer prices climbed 8.6% in May from a year ago. That’s the worst reading since December 1981 and a troubling sign for the economy as rate hikes by the Federal Reserve have yet to tamp down inflation as gasoline costs are surging upward. Rising prices are imperiling the U.S. economy as well as Democratic control of the House and Senate, putting Biden on the defensive.
The Port of Los Angeles moved to round-the-clock operations last October under an agreement that the White House helped to shepherd. The goal was to clear backlogs of ships waiting to dock and containers waiting to flow into the country, a logjam that was pumping up prices as the world began to recover from As Americans face sticker shock, the U.S. Treasury secretary is calling on lawmakers to take action to get inflation under control.
The Biden administration is seeking to further reduce shipping prices with a bipartisan bill that the House could pass as soon as next week. The bill would give the Federal Maritime Commission tools to make ocean-based trade more efficient and price competitive, improving the flow of exports and imports.
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