President Biden on inflation

President Biden spoke on his plan to fight inflation and lower costs for working families on May 10.

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[MUSIC PLAYING]

JOE BIDEN: We're helping smaller companies get into the game to compete and help bring down the overall prices. The bottom line is easing, easing these bottlenecks, and making our supply chains more secure is a major focus of my economic strategy. So things move more quickly, prices go down, not up.

You know, Some parts of my plan I've been able to get done on my own. I mean, just without Congressional approval. Some parts are being held up by Congress. But all of my plan is focused on lowering costs for the average family in America, to give them just a little bit of breathing room.

Republicans in Congress are so deeply committed to protecting big corporations and CEOs that they would rather see taxes on working American families and try to depress their wages to take on inflation. Never mind the fact that many of these companies are recording record profit margins even as prices-- as they raise prices record amounts.

Look, you've heard me say it before, I'm a capitalist, I'm not out to punish anybody. I have no problem with companies getting and generating reasonable profits but in this moment of peril with the war overseas and inflation surging around the world, the last thing we should be thinking about is rewarding companies for exploiting the situation. While families struggle to pay their bills some corporate executives are on earnings calls with investors on Wall Street cheering their record profits. And explain how they're using this period of inflation to cover the rise in prices far beyond what they need to do to cover their costs.

And all this time they're not even paying for a fair share of taxes in the first place. You want to bring down inflation? Let's make sure the wealthiest corporations pay their fair share.