Inflation Will Loom Over Tonight’s State of the Union
The New York Times
Timing is not in the president’s favor as elections that could cost his party control of Congress approach, and inflation has yet to fade.
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President Biden is expected to devote much of his State of the Union address to emphasizing how far the economy has come since the pandemic recession, with plentiful jobs and rising wages. But he will also focus on his plans to help slow rapid inflation, underscoring the challenge Democrats face ahead of the midterm elections: Inflation is painfully high, voters are angry, and the tried and true way to bring prices down is by slowing growth and hurting the labor market.
Mr. Biden will outline a four-part plan for beating back rapid price increases, including encouraging corporate competition and strengthening a supply chain that has struggled to keep up with consumer demand. Specifically, he will detail an effort to drive down ocean shipping costs, which have soared during the pandemic.
