Biden’s cure for inflation: Make it in the USA
Biden offered a simple solution to one of the more radioactive issues facing the US administration: Biden’s cure for inflation – fix inflation by making things in America in his State of The Union address.
“Lower your costs, not your wages, make it in the USA” Biden said. “That means to make more cars and semiconductors in America.”
Biden argued that companies can manufacture products cheaper and faster by not relying on foreign supply chains.
SOTU 2022 – DOJ to name watchdog to handle pandemic fraud
Biden says the Justice Department will be naming a chief prosecutor to handle pandemic relief funds.
“We’re going after the criminals who stole billions in relief money for small businesses and millions of Americans,” said Biden.
Biden took a swipe at the Trump administration, who he said: “undermined the watchdogs whose job it was to keep pandemic relief funds from being wasted.” Trump fired or replaced several career watchdogs, which critics said harmed accountability.
Biden delivers SOTU amid war in Ukraine and an ongoing pandemic
- Biden addressed Russia’s invasion of Ukraine during his remarks and announced that the US is closing its airspace to Russian planes
- Ongoing concerns over COVID-19, US inflation, the tax system and police reform were among the issues addressed by the president
- Iowa Governor Kim Reynolds delivered the official Republican response to President Biden’s SOTU address
- Democratic leaders rescinded mask mandates throughout the Capitol ahead of the SOTU following updated guidance from Attending Physician Dr Brian P. Monahan
Biden says Russia’s economy is ‘reeling’
US President Joe Biden says in a speech to Congress that Vladimir Putin underestimated the West’s response to the Ukraine war.
“Putin’s war was premeditated and unprovoked,” he says – but Nato was ready and the world was united in its response
“The ruble has already lost 30 percent of its value. The Russian stock market has lost 40 percent of its value, and trading remains suspended. The Russian economy is reeling, and Putin alone is to blame,” Biden said.
The ruble fell by 30 percent after allied countries limited access by some Russian banks to SWIFT, the service that facilitates global transactions among thousands of financial institutions. On Monday, Russia’s central bank more than doubled a key interest rate to 20 percent in an attempt to rescue its currency.
The 40 percent decline in Russia’s main stock market index, however, began in mid-February. Trading was recently suspended to stave off further losses.
What has the US done on Ukraine so far? State of the Union 2022
President Biden began his State of the Union address with a heavy dose of foreign policy, touting his – and other nations’ – moves to support Ukraine over the past seven days.
Here’s what the US has committed so far to support the Ukrainians:
- Release of $350m (£263m) worth of weapons to Ukraine
- Supplies worth $54m (£41m) in humanitarian assistance
- Removing selected Russian banks from the global Swift messaging system
- Restricting the Russian central bank from defending the rouble
- Joining a trans-Atlantic task force to freeze and seize oligarchs’ assets
- Closing off US airspace to Russian owned and operated aircraft
The White House has also asked Congress for an additional $6.4bn (£4.8bn) in emergency assistance over the next few months.
However, Biden again emphasised that the US would not send troops to engage with Russians in Ukraine.
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