Biden ‘business manager’ dependent ‘inflation will be temporary | Coronavirus Plague News

US Secretary of Commerce Gina Raimondo said rising prices would alleviate the commodity crisis and disrupt the labor market.

The administration of President Joe Biden is still “convinced” that the sharpest inflation in decades will be short-lived and will end gradually due to the crisis and labor market turmoil, according to one of its leading economists.

Rising prices are a problem that affects Americans in their daily lives, especially during holidays when they pay exorbitant prices for Thanksgiving turkeys and Christmas prices, and Biden understands what is happening, Trade Secretary Gina Raimondo said in an interview Thursday.

The Biden government also has answers, he said. These include developing the labor market through job training; Voting more people on Covid-19 to get back to work; increasing women’s work through the Build Back Better Act which promotes child care and early childhood education; and investing in the production of American semiconductors and ports to address supply shortages.

His hope comes in recent months that has shocked Americans and policymakers. The number of consumers in the US has risen sharply in October of the year since 1990. November data set to be released on Friday shows an increase of 6.8% – the highest since Ronald Reagan was president in the early 1980s.

“We still believe it is a temporary problem, not a long-term one,” Raimondo told Bloomberg News’s editors and reporters in New York. “It is still largely driven by the customer and labor market turmoil that has come about as a result of Covid. Therefore, therefore, we believe that help is on the way, so that things can get better.”

Raimondo is leading an important trial for Biden officials to address the challenges posed by the holiday season. The shortage of labor, old-fashioned construction, relocation and consumer spending in the US has cost a fortune that has disrupted global trade.

U.S. wages and wages are also rising, with operating costs rising sharply in the third quarter while companies in various sectors raised wages. Raimondo described this as a good thing for American workers. At the same time, they have been unable to keep up with rising prices.