Rising Prices, Once Seen as Temporary, Threaten Biden’s Agenda
The New York Times
Supply chain disruptions, a worker shortage and pain at the gasoline pump have made inflation an economic and political problem for the White House.
WASHINGTON — At least once a week, a team of President Biden’s top advisers meet on Zoom to address the nation’s supply chain crisis. They discuss ways to relieve backlogs at America’s ports, ramp up semiconductor production for struggling automakers and swell the ranks of America’s truck drivers.
The conversations are aimed at one goal: taming accelerating price increases that are hurting the economic recovery, unsettling American consumers and denting Mr. Biden’s popularity.
An inflation surge is presenting a fresh challenge for Mr. Biden, who for months insisted that rising prices were a temporary hangover from the pandemic recession and would quickly recede. Instead, the president and his aides are now bracing for high inflation to persist into next year, with Americans continuing to see faster — and sustained — increases in prices for food, gasoline and other consumer goods than at any point this century.
General Motors and other foreign automakers are selling fewer cars and losing lots of money in China, where domestic electric and hybrid cars have taken off.
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
New rules prohibit the sale of certain types of chips and equipment to China, in an effort to close loopholes and cement the Biden administration’s legacy in countering the U.S. rival.
The company, facing slumping sales, announced that Carlos Tavares would step down immediately and that a search for a new chief was underway.
Business owners say card transaction fees are a growing monthly expense, one often passed to consumers. They’re cheering efforts to lower them.
Data on spending this week shows consumers are being drawn to discounts. Online Black Friday sales picked up at a faster pace this year than in-store shopping, Mastercard reported.