July 30, 2021

Report: Joe Biden’s plot to fix supply chain crisis is already dead in the water

The World Shipping Council has criticized President Joe Biden’s executive order regarding increased competition and regulations to address supply chain issues, claiming regulations are the problem rather than the solution.

“This is not the fault of any given supply chain actor,” John Butler, president and CEO of the council, said. “Supply chains simply cannot efficiently handle this extreme demand surge, thus resulting in the delays, disruptions and capacity shortages felt across the chain.”

“All supply chain players are working to clear the system, but the fact is that as long as the massive import demand from U.S. businesses and consumers continues, the challenges will remain,” Butler added.

The report also noted, “The driver of these problems is demand for imports by U.S. consumers and U.S. businesses. Of the past 12 months, 11 months have had a year-on-year growth in spending on consumer goods of over 10%. To put this into perspective, in the 18 years before the pandemic, the average growth rate was 4.7%.”

In contrast, Biden’s executive action said, “Yet over the last several decades, as industries have consolidated, competition has weakened in too many markets, denying Americans the benefits of an open economy and widening racial, income, and wealth inequality.”

He added, “Federal Government inaction has contributed to these problems, with workers, farmers, small businesses, and consumers paying the price.”

Biden’s focus is on additional government involvement rather than a free market. The WSC claims these regulations are the problem that slow down shipping and drive up expenses.

The tension shows the Biden administration’s expanded government policies are often the problem rather than the solution it suggests. As in many cases, a free market offers more solutions rather than problems.

 

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