President Biden said the bipartisan infrastructure bill passed in the House of Representatives on Friday will lower the price of consumer goods, in a speech at the Baltimore port on Wednesday.
“Along with other plans that I’m advancing, this bill is going to reduce the cost of goods to consumers, businesses, and get people back to work, helping us build an economy . . . where everybody’s better off,” Biden said.
The $1.2 trillion infrastructure bill allocates $550 billion in new spending over five years toward roads, bridges, railroads, broadband Internet, and other projects.
The remarks come after the Labor Department announced that the consumer price index increased 6.2 percent from the previous year, the highest increase in 31 years. The consumer price index also rose 0.9 from the previous month.
Biden attributed the high inflation to supply-chain issues stemming from fallout from the coronavirus pandemic, coupled with high consumer demand.
“My administration has a plan to finish the job of getting us back to normal from the pandemic, and having a stronger economy than we’ve ever had before,” Biden insisted. However, the president noted that “everything from a gallon of gas to a loaf of bread costs more.”
“Did you ever think you’d be paying this much for a gallon of gas?” Biden said, acknowledging that Americans are paying $4.50 for a gallon of gas in some parts of the U.S.
Fuel prices throughout the U.S. rose 12.3 percent from the previous month and 59.1 percent over the previous year. Additionally, food prices rose 0.9 percent from the previous month and 5.4 percent from the previous year.