Biden to announce plan to lower costs for American families during State of the Union address

By Maegan Vazquez, Donald Judd and Kevin Liptak, CNN

When President Joe Biden discusses the state of the US economy during Tuesday night’s State of the Union address, he will focus on a new plan to lower costs for American families and his administration’s efforts in the labor market’s recovery, senior administration officials told reporters on a call previewing the remarks.

While he’ll tout economic gains over the past year, Biden will underscore there is “more work” to do toward lowering costs — a reflection that despite a strong recovery, many Americans are still pessimistic about the economy.

The President will discuss price increases impacting Americans, laying out a four-point plan to lower costs for families that will focus on “making more things in America” and strengthening the supply chain; reducing costs of everyday expenses and reducing the deficit; “promoting fair competition” and “eliminating barriers to good-paying jobs,” according to a fact sheet from the administration.

Biden is expected to announce two new specific initiatives in a pair of disparate industries: the ocean shipping sector and nursing homes.

He’ll use the shipping example to illustrate corporate consolidation the administration says is driving up prices; three conglomerates now control 80% of global container ship capacity. Biden is launching a new initiative between the Federal Maritime Commission and the Justice Department to promote greater competition. He’ll also highlight the toll Covid-19 has taken on nursing homes and announce new steps to improve conditions in those facilities, including plans to establish a new minimum staffing ratio and expand penalties for certain homes.

This story has been updated with additional information.

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