US President Joe Biden announced that his government had worked with 30 other countries to release millions of oil barrels from American strategic reserves to maintain global oil prices in the midst of Russian invasion to Ukraine.
In its inaugural state of the union’s address on Tuesday, Biden said his government took a strong action to ensure US sanction pain was targeted at the Russian economy. He vowed that his government would use every tool being dumped to protect American business and consumers.
For all Americans, I will be honest with you, as I always promised. Russian dictator, attacking a foreign country, has costs around the world, said Biden. Tonight, I can announce that the United States has worked with 30 other countries to release 60 million barrels of oil from backup throughout the world. America will lead the effort, releasing 30 million barrels from our own strategic oil reserves. And we are ready to do more if necessary, unite with our allies, said Biden.
These steps will help blunt gas prices here at home. And I know the news about what happens can look worrying. But I want you to know that we will be fine, he said, convincing his people that he would ensure that inflation remained controlled. Biden said his plan to fight inflation would reduce costs and reduce the deficit.
The US President said 17 Laureates Nobel in the economic field said the plan would relieve long-term inflation pressures and top business leaders and most Americans supported their plans. Biden said that he was the only president to cut a deficit with more than one trillion dollars in one year.
Lowering your costs also means demanding more competition. I am a capitalist, but capitalism without competition is not capitalism. It was exploitation and it pushed prices, he said. When companies do not have to compete, their profits rise, your prices rise, and small businesses and family farmers and farmers are below. We saw it happening with sea operators who moved the items in and out of America. During a pandemic, these foreign-owned companies raised the price of 1,000% and made a profit record, he added.
Biden announces hard action on these companies that wear excessive American business and consumers. When the Wall Street company took over more nursing homes, the quality in the houses had dropped and the cost had risen, he said, added, it ended in my watch.
Medicare will set a higher standard for nursing homes and ensure people you love getting care that they deserve and expect. We will also cut costs and keep the economy strong by giving fair workers, providing more training and internships, and hiring them based on their skills, not degrees, he said. Biden urged the Congress to pass the paycheck justice law and paid leave. Increase the minimum wage to USD 15 per hour and extend child tax credits, so that no one has to raise a family in poverty, he said.
Let’s increase the Pell grant and increase our historical support for HBCU, and invest in what is experienced by the first woman to teach the best full-timecall in America-kept secret: Community Colleges. And let’s pass the pro action when the majority of workers want to form Unionthey should not be stopped, he said. Biden urged parliamentarians to ensure the company and the richest Americans began to pay a fair share.
Only last year, 55 Fortune, 500 companies earned $ 40 billion profits and paying zero dollars in federal income tax. That is not fair. That’s why I propose a minimum tax rate of 15 percent for the company, he said. We got more than 130 countries to agree to the global minimum tax rate so that the company could not get out of paying their taxes at home with shipping work and factory abroad.
