Biden plans to bring back Cold War Era law to lower prices

Driveoff

There has been a huge hike in prices and the cost of living in the United States of America lately, but the Biden administration is now attempting to deal with that. The White House has announced plans to use a law that goes all the way back to the days of the Cold War. The law is supposed to ease a lot of supply chain issues that the administration claims are contributing to the higher rate of inflation. The growing challenge of inflation in the United States has been a key electoral challenge to Biden's chances of being re-elected as president of the United States of America.

“When supply chains are smooth, prices fall for goods, food, and equipment, putting more money in the pockets of American families, workers, farmers, and entrepreneurs,” said a statement that was made by the White House. The statement starts by mentioning global events also worked to affect the supply chain "The global pandemic and Russia’s invasion of Ukraine contributed to a protracted period of supply chain disruptions that coincided with high price pressures concentrated in goods sectors. As global supply chains have gradually recovered from pandemic-era and commodity market disruptions, there has been a clear cooling in the inflationary pressures on core goods, even as we still have further work to do on overall inflation. This blog post further explores these recent developments."

The law being brought back is the The Defense Production Act of 1950. This law was passed to streamline production during the Korean War. It was last used in early 2021 during the coronavirus pandemic to accelerate and expand the availability of ventilators and medical equipment.


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