President Biden said on Wednesday that the U.S supply chain is in very good shape ahead of the holiday season, but the president stopped short of promising gifts will arrive to Americans on time, leaving that duty to Santa Claus.
Biden said on Wednesday that his administration has been able to handle the surge in goods moving through ports in the country, which is now a factor in the shelves across the country. The president reflected on his meeting with CEOs from retail companies earlier this week and said that the administration s partnership with the private sector is keeping goods moving through the supply chain to ensure the shelves are filled heading into the holiday season. The president met with the CEOs of Walmart, Best Buy, CVS, Samsung, Mattel, Etsy, QVC and more. Biden said he was in touch with the CEOs of UPS and FedEx.
The CEOs I met this week reported that their inventories are up, shelves are well-stocked, and they're ready to meet consumer demand for the holidays, according to the president. I spoke with the CEOs of UPS and FedEx, which are on track to deliver more packages than ever. The president didn't promise that every holiday gift would arrive on time.
Biden said that I can't promise that every person will get every gift they want on time. Santa Claus can't keep that promise. Biden noted that there are items that sell out and are hard to find every year.
Some of you moms and dads may remember Cabbage Patch kids back in the 80s or Beanie Babies in the 90s or other toys that have run out at Christmastime in the past years when there was no supply chain problem, Biden said.
The president continued, "We are heading into a holiday season in very strong shape, and it is not because of luck." Biden said that almost every country in the world is grappling with higher prices as they recover from a Pandemic. Biden said that this is a global challenge and that it is a natural byproduct of the world economy shut down by the Pandemic. The price pressures will be less as the world comes back and prices are still out of sync. Biden said that he has not been content to sit back and wait. Biden said last week he released oil from the U.S. Strategic Petroleum Reserve to bring down prices because he has used every tool available to address the price increases.
In October, the White House announced that the ports of Long Beach and Los Angeles would become 24 7 operations, along with commitments from the largest carriers of goods Walmart, FedEx and UPS, as part of the Biden administration's efforts to relieve supply chain bottlenecks and ease shipping backlogs.
The White House and retailers issued a warning about holiday shopping, urging consumers to buy gifts early as the shipping crisis stifles production.
Global economies try to meet surging demand and recover from the COVID-19 epidemic, and supply chain issues are a source of growing concern.
Shortages of basic household items, such as toilet paper, raw materials needed for construction and critical tech components, such as semiconductors, have resulted in a surge in prices for consumers.
The issues prompted Biden to form the Supply Chain Disruptions Task Force to identify and eliminate bottlenecks in U.S. supply chains.