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WATCH: ‘Lower your costs, not your wages,’ Biden tells companies on inflation

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Corporations have choices to make to help fight inflation and fix supply chain issues, President Joe Biden said during his State of the Union address March 1 -- but cutting wages for employees shouldn't be one of them.

“One way to fight inflation is to drive down wages and make Americans poorer. I have a better plan to fight inflation. Lower your costs, not your wages,” Biden said.

Biden said a lack of competition among companies, in particular in shipping, had forced up costs and strained supply chains resulting in “record profits” while also increasing inflation.

“I’m a capitalist, but capitalism without competition isn’t capitalism. It’s exploitation—and it drives up prices,” Biden said. “When corporations don’t have to compete, their profits go up, your prices go up, and small businesses and family farmers and ranchers go under.”

Biden said the economy was recovering with wage growth and more jobs. But despite these “bright spots,” families are struggling to pay bills.

“Inflation is robbing them of the gains they might otherwise feel,” Biden said.
When Biden delivered his first State of the Union address, it was to a nation in the throes of different crises.

There are ongoing concerns over the government’s response to COVID-19 pandemic. While protection measures – like mask mandates – relax and cases drop in many parts of the country, deaths continue. Russia’s attack on Ukraine is escalating. A new major climate report, released a day before, is an indictment on global leadership’s inaction to address the crisis. Voters are worried about rising inflation, and according to the latest PBS NewsHour-NPR-Marist poll, a majority of Americans – 56 percent – said Biden’s first year in office has been a failure.

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Category
U.S. & Canada
Tags
Joe Biden, President, President Biden
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