President Biden said one of the keys to facing down inflation in the US is to promote healthy competition within various industries.
“A handful of giant companies dominate the market in sectors like meat processing, railroads, shipping, and other areas… Over time, it has reduced competition, squeezed out small businesses and farmers, ranchers and increased the price for consumers,” Biden said during a live news conference marking his first full year in office.
“Look, I’m a capitalist. But capitalism without competition is not capitalism. It’s exploitation,” he said.
Biden continued by saying that recent times in America have been as tough as any seen in recent memory.
“We have faced some of the biggest challenges that we’ve ever faced in this country, these past few years. Challenges to our public health. Challenges to our economy. But we’re getting through it,” he remarked, adding, “Not only are we getting through it, we’re laying the foundation for a future where America wins the 21st century by creating jobs at a record pace.”
Noting that he, as President, needs to “finish the job” of getting Covid-19 under control, Biden closed with a message of positivity and optimism.
“I’ve long said it’s never been a good bet to bet against the American people or America. I believe that more than ever today. We’ve seen the grit and determination of the American people this past year,” he said, adding, “The best days of this country are still ahead of us, not behind us.”
