A rather alarming report just came out Reuters, with White House officials warning of the possibility of higher prices and shortages during the holiday season due to problems in the supply chain.
According to the agency, White House officials, trying to ease global supply bottlenecks warn that Americans may face higher prices and some empty shelves this Christmas season.
“There will be things people can’t take,” a senior White House official told Reuters.
The supply crisis, fueled in part by the global COVID-19 pandemic, not only threatens to cut US spending at a critical time, but also poses a political risk to President Joe Biden.
The White House argues that inflation is a sign that their decision to provide historic support to small businesses and households, through $ 1.9 trillion in COVID-19 aid funds, has worked. U.S. consumer demand remained strong, surpassing global rivals, and the Biden administration expects the overall economy to grow to 7.1%, as inflation reaches its highest levels since the 1980s.
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