Dock around the clock
Biden aims to curb inflation, shortages by leaving the Port of LA open 24/7
WASHINGTON — President Biden tried to reassure Americans on Wednesday that he can tame high inflation, announcing a deal to expand operations at the Port of Los Angeles as prices keep climbing and container ships wait to dock in a traffic jam threatening the U.S. economy and holiday shopping.
Prices are jumping in large part because container ships are stranded at ports and because unloaded goods are waiting for trucks, leading to mass shortages and delays that have caused a longer than expected bout of inflation.
The White House responded to the backlog by finalizing an agreement for the Port of Los Angeles to become a 24-hour, sevendays-a-week operation. The hope is that nighttime operations will help to break the logjam and reduce shipping delays for toasters, sneakers, bicycles, cars and more.
“Today we have some good news: We’re going to help speed up the delivery of goods all across America,” said Biden, announcing the changes at the White House.
University of Michigan economist Betsey Stevenson noted on Twitter however, the “economy is in a very fragile and unprecedented place.” Prices are rising at more than 5% and more Americans are quitting their jobs while the delta variant has made the coronavirus pandemic a risk.
“No one really knows what’s going to happen,” wrote Stevenson, a former member of the White House Council of Economic Advisers under President Obama.
Ports in Los Angeles and Long Beach, Calif., account for 40% of all shipping containers entering the United States.