Biden’s Economic Plans Collide With Inflation Reality

This article from Wall Street Journal is written by Amara Omeokwe and Andrew Restuccia

WASHINGTON—President Biden took office with a raft of economic plans to better position the U.S. to compete on the world stage and jump-start a labor market ravaged by the pandemic. Ten months into his term, Mr. Biden is facing a new set of economic challenges.

The number of Americans seeking unemployment benefits fell to a 52-year low last week, available jobs are trending near record highs and consumer spending is rising. But those positive economic developments have been complicated by supply-chain bottlenecks and the highest inflation in three decades.

Now, Mr. Biden is racing to show the public that he is taking action to address rising prices and bottlenecks amid mounting anxiety among some of his advisers about political fallout heading into next year’s midterm elections. He has instructed his most senior economic advisers to focus on the issues, White House officials said, setting up an internal task force that is tracking granular data such as how many containers are sitting in the country’s ports and how long they have been there.

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