Retail

American families have more money in their pockets: US President

03 Dec '21

2 min read

US President Joe Biden. Pic Palinchak | Dreamstime.com

Even after accounting for rising prices, the typical American family has more money in their pockets than they did last year or the year before that, US President Joe Biden said during a White House briefing this week. In fact, household income and the economy as a whole are stronger than they were before the pandemic, President Biden said.

Taking a stock of the US economy, the President said, “Wages are up. Thanks to the American Rescue Plan, we’ve delivered significant tax cuts for families raising kids.”

“Tax cuts and rising wages for middle-class families mean that Americans, on average, have about $100 more in their pockets every month and — than they did last year — about $350 more each month than they did before the pandemic, even after accounting for inflation,” he explained.

He said that the number of small businesses is up 30 percent compared to before the pandemic.

Speaking about the steps taken by his administration to address the supply chain issues, Biden said, “Over the last month, the number of containers left sitting on docks blocking movement to those stores is over – was for over eight days. Now it’s down – it’s down by 40 per cent, which means they’re heading to shelves in stores more quickly. That’s an incredible success story.”

The Ports of Los Angeles and Long Beach – 40 per cent of the goods that come into the country on the West Coast come through these two ports – have moved 16 per cent more containers so far this year than last year.

“By working with business and labour, my administration has been able to handle the huge surge in goods moving through some of our biggest ports. And that has translated into shelves across our country being well-stocked,” the President added.

Fibre2Fashion News Desk (RKS)

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