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When President Joe Biden As he discusses the state of the US economy during Tuesday night’s State of the Union address, he will focus on a new plan for his administration’s efforts to lower costs for American households and help the labor market recover, senior administration officials said. Officials told reporters on a call previewing the comments.
While he will tout the economic gains over the past year, Biden will underline that there is “more work” to do toward lowering costs – a reflection that despite a strong recovery, many Americans are still concerned about the economy. I am pessimistic.
The president will discuss price increases affecting Americans, formulate a four-point plan to reduce costs for families that will focus on “making more things in America” and strengthen supply chains; reducing the cost of everyday expenses and reducing losses; “Promoting fair competition” and “removing barriers to well-paying jobs,” according to a fact sheet from the administration.
An official said on the call, “He is interested in reducing prescription drug costs, reducing health care premiums, reducing utility bills for families, helping families pay for their children and parents.” We’re going to talk about reducing costs.”
Biden is expected to announce two new niche initiatives in a pair of different industries: the ocean shipping sector and nursing homes.
He will use the shipping example to illustrate the corporate consolidation the administration says is driving up prices; The three groups now control 80% of global container ship capacity. Biden is launching a new initiative between the Federal Maritime Commission and the Justice Department to foster greater competition. He will also highlight the toll Covid-19 has taken on nursing homes and announce new steps to improve conditions in those facilities, including plans to establish a new minimum staffing ratio and extend penalties for some homes. .
“He will talk about the progress we have made over the past year in the face of deep challenges and he will talk about his optimism for the future. … and he will remind the nation that our best days are ahead. ,” said an official on the call.
The president “will make it clear that there is more work to be done,” but will also “underscore that during his first year in office, thanks in large part to the American rescue plan, entrepreneurship and business investment have made a comeback in the economy. has achieved its fastest growth in US history, the fastest economic growth in nearly 40 years and faster recovery than every other advanced economy in the G7.”
The president is also expected to announce specific goals for the implementation of his landmark bipartisan infrastructure law, which Congress passed last year.
“The President will clarify that he believes that one of the best ways to reduce costs in the long run is to increase the productive capacity of our economy. Simply put, this means: more American workers in America. Make more things by contributing and living the good life,” said an official on the call, later adding that “the president will also call on Congress to send bipartisan competitiveness legislation.”
Biden will also speak about the recovery of the labor market, especially highlighting how the US rescue plan has helped “hire employers and workers to rejoin the labor force and find high-quality jobs.” played the part.”
When it comes to the president’s signature on social spending and climate legislation, which has stalled in Congress, one official said he expects Biden to give Congress “law that addresses the main challenges facing families right now.” Will call for
Still, officials would not say whether Biden would explicitly ask to pass the Build Back Better Plan by name.
“It’s not about the name of the bill. It is about ideas. It is about reducing costs for the families,” the official said.
This story has been updated with additional information.