Biden plans to use Cold War-era law in attempt to lower US prices

Defense Production Act of 1950, passed to streamline production during the Korean war, was last used during the Covid pandemic

The White House announced Monday it plans to use a Cold War-era law to ease supply chain issues that the administrations argues are contributing to higher inflation – a key electoral challenge to Joe Biden’s re-election chances next year as polling consistently suggests voters are not buying his Bidenomics pitch.

In a statement, the White House said Biden will use the Korean war-era Defense Production Act to improve the domestic manufacturing of needed medicines deemed crucial for national security and convene the first meeting of the president’s supply chain resilience council to announce other measures tied to the production and shipment of goods.