"President Biden's top economic priorities are fighting inflation and lowering costs for the American people," writes White House deputy press secretary Andrew Bates. "Standing up to corporate price gouging is at the core of that fight."
The latest inflation figures show that prices rose 3.4% over the last year - much lower than the scorching levels seen in 2022 but still too high for comfort. Meanwhile, the economy overall is on solid footing - particularly the labor market. The unemployment rate has been under 4% for 27 straight months.
Biden generally doesn't get much credit for economic strength. Former President Trump polls better on his handling of the economy. The administration struggles with messaging around inflation, understanding its negative impact on Americans.
In the memo, the White House lays out the steps to counter corporate price gouging, attributing the elevated prices to companies despite inflation decreasing. The administration faces pushback, often in the form of lawsuits from companies supported by Republicans practicing 'MAGAnomics.'
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