inflation rate

Inflation means Biden’s infrastructure package gets less bang for the buck

Highway bridge half-finished.

Road, rail and port projects may have to be curtailed or delayed because of the effect that rising inflation is having on the purchasing power of the $1.2 trillion infrastructure bill enacted last year.

The Infrastructure Investment and Jobs Act (IIJA), which President Joe Biden calls a “once-in-a-generation” funding bill, sets aside roughly $660 billion over five years for grants and program funding for freight, transit and other transportation projects overseen by the U.S. Department of...

https://www.freightwaves.com/news/inflation-means-bidens-infrastructure-package-gets-less-bang-for-the-buck

Biden to ocean carriers: ‘The rip-off is over’

Biden speaking at the Port of Los Angeles on June 10.

Making the case for legislation to hold carriers more responsible for shipping costs and service standards, President Joe Biden on Friday laid much of the blame for record-setting inflation data released earlier in the day on the decks of the world’s largest ocean carriers.

“Every once in a while something you learn makes you viscerally angry,” Biden said, speaking at the Port of Los Angeles. “That’s why I’ve called on Congress to crack down on foreign-owned shipping companies that have raised...

https://www.freightwaves.com/news/biden-to-ocean-carriers-the-rip-off-is-over