Biden To Give Inflation Speech At Port Of LA; Expect Traffic Delays

Los Angeles CA

10 June, 2022

12:15 PM

Description

LOS ANGELES, CA — As the latest Consumer Price Index report shows a new 40-year-high of 8.6 percent inflation, President Joe Biden will deliver a speech from the Port of Los Angeles Friday morning to highlight the global nature of the problem. Authorities did not release information regarding the president's motorcade route, but drivers are advised to avoid the area around the nation's largest port. The president is expected to speak at about 9:30 a.m. The Port of Los Angeles has made strides in reversing a pandemic-era backlog in shipping, but kinks in the supply chain continue to fuel the inflation plaguing the country. Biden is expected to argue that price spikes in the United States reflect global inflation and that the United States is better positioned to withstand the global problem due to a strong jobs market and declining debt, The New York Times, reported. However, the visit also highlights ongoing shortcomings in resolving the supply-chain problems. Los Angeles Mayor Eric Garcetti is expected to join Biden in addressing the issue. The port has experienced record cargo levels during the pandemic, but the port said Wednesday that consumer buying is expected to ease in the next fiscal year. "Despite challenges across the supply chain, the Port of Los Angeles and its many partners persevered and have kept cargo moving at a record pace," said Harbor Commission President Jaime Lee. City News Service contributed to this report.