The president has scheduled a speech on the economy and “lowering prices for the American people” at the White House on Tuesday, before he leaves for his Thanksgiving vacation in Nantucket, Massachusetts.
The Washington Post reports the White House is weighing a plan to blame businesses for raising prices on consumers, accusing them of enjoying record profits at the same time.
It's unclear how far Biden will go to put the blame for record inflation on American companies, but part of an emerging trend.
Biden already blamed meat processors for higher prices on meat and raised concerns about oil companies for rising costs of gasoline. He also accused companies of failing to move goods off of shipping docks quickly enough, blaming them for the supply chain problems.
“If the private sector doesn't step up, we're going to call them out and ask them to act,” he warned in October.
But inflation continues to rise at record levels. In October, inflation pushed prices of consumer goods up by the most in three decades.
The president has tried to team up with large retailers to reassure Americans that there will not be shortages of goods during the Christmas and Thanksgiving season.
“Walmart and Target have made public today what they told me about a week ago: that they're stocked up for the holiday season, their inventories are up, and they'll have all the toys, food, and other items that shoppers are looking for in the holiday season,” Biden said at an event in Detroit last week. “That's going to happen.”
But the White House remains unprepared to handle rising inflation on Biden's watch.
Sixty-two percent of American voters, including 41 percent of Democrats, blame Biden for rising inflation according to a poll in October, as the White House continues to struggle with messaging on the issue.
In July, Biden dismissed inflation as temporary but finally acknowledged it was a problem two weeks ago.
“Everything from a gallon of gas to loaf of bread costs more,” Biden said at an event in Baltimore. “And it's worrisome, even though wages are going up.”