President Biden Takes Action to Combat Job Loss and Inflation
By On January 25, 2023 the White House spoke on US President Joe Biden's understanding of the devastating impact of job losses on a family.[0] The statement comes in the wake of massive layoffs by tech companies such as Google, Microsoft, Amazon and Facebook, leaving thousands of Indian-American IT professionals looking for new employment within the stipulated period under their work visas.
White House spokesperson Jen Psaki said President Biden is “personally” aware of the hardships of job loss and is doing all he can to make sure the US economy works for everyone. She stated that he would do all he could to ensure that the economy was one that benefited everyone, from the ground up and the middle out. This is evident in his economic plans, she noted.
Bill Simon, former CEO of Walmart's US operations from 2010 to 2014, also joined Fox & Friends Weekend to add to the discussion.[1] He said the US is “stuck in this loop of wage inflation, product inflation and cost inflation” and that an inevitable byproduct of Federal Reserve moves is the job cuts being seen in the tech sector.
Simon also pointed out that wages have gone up 17 percent at Walmart, 25 percent at Delta for pilots, 25 percent for the rail industry and that “wage increases like that sort of counteract the employment layoffs that we're starting to see”.[2]
However, he warned that if the Biden administration does not take action soon, consumers could be in a “world of hurt”.[2] Jean-Pierre, on the other hand, said that according to job opening data, layoffs remain near record lows and the economy has been stable and steady because of the President’s actions.[3]
It is clear that the US is facing a difficult situation amid the layoffs and inflation. President Biden has shown concern for the plight of those affected and is looking to take action to ensure the economy works for everyone.
0. “Biden ‘personally' understands impact of layoffs on family: WH” Punjab News Express, 25 Jan. 2023, https://www.punjabnewsexpress.com/world/news/biden-personally-understands-impact-of-layoffs-on-family-wh-197298
1. “Consumers could be in a ‘world of hurt' if Biden doesn't act soon, former Walmart CEO warns” New York Post , 30 Jan. 2023, https://nypost.com/2023/01/30/consumers-could-be-in-a-world-of-hurt-if-biden-doesnt-act-soon-former-walmart-ceo-warns
2. “Consumers could be in a ‘world of hurt' if Biden doesn't act soon, former Walmart CEO warns” Fox Business, 29 Jan. 2023, https://www.foxbusiness.com/economy/consumers-could-be-world-hurt-biden-doesnt-act-soon-former-walmart-ceo-warns
3. “‘President Biden is going to…': White House reacts to layoffs by Google, Amazon, Microsoft” Business Today, 25 Jan. 2023, https://www.businesstoday.in/latest/story/president-biden-is-going-to-white-house-reacts-to-layoffs-by-google-amazon-microsoft-367518-2023-01-25
