Americans are facing an expensive holiday season. Record-high inflation means everything from new cars to hot dogs have become more costly. Beef prices prices soared 20 percent since last year, and furniture prices are up an average of 12 percent. President Joe Biden blames the pandemic and says the inflation is temporary.
“The pandemic has been calling the shots for the economy and for inflation,” Treasury Secretary Janet Yellen said. “And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.”
But frustration for consumers has extended past the price tags. Supply shortages and a shipping crisis mean empty shelves and higher demand.
Senate Republicans, like Mitch McConnell (R-KY), have been skeptical of the President’s economic strategy.
“There’s no relief in sight,” McConnell said.
However, President Biden promises that his newly signed infrastructure bill will help modernize ports and ease future supply chain issues.