The country's record job growth and higher wages are being overshadowed by inflation, Biden said.
"I get it," he said. "That’s why my top priority is getting prices under control."
The pandemic made hiring difficult and disrupted global supply chains. Last year, there were not enough semiconductors to make the cars that people wanted to buy, Biden said. Prices went up.
"So we have a choice," he said. "One way to fight inflation is to drive down wages and make Americans poorer. I have a better plan to fight inflation. Lower your costs, not your wages."
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To do that, he said, focus on manufacturing America, building infrastructure and creating jobs in the United States.
"And instead of relying on foreign supply chains, let’s make it in America," he said. "Economists call it 'increasing the productive capacity of our economy.'"