Perfect Timing – Biden Creates A New Economic Council On Supply Chains

Authored by Mike Shedlock via MishTalk.com,

Don’t we have enough government meddling and useless bureaucracy already? I guess not. The list of agencies involved in Biden’s new announcement is stunning.

Supply chain data from New York Fed download, chart by Mish

Understanding the GSCPI

Have you heard of the GSCPI? Unless you are a real economic data geek you probably haven’t. I haven’t until Biden mentioned it today.

Here is the GSCPI Index Explanation from the New York Fed.

Our index integrates transportation cost data and manufacturing indicators to provide a gauge of global supply chain conditions.

Our goal in constructing the Global Supply Chain Pressure Index (GSCPI) was to develop a parsimonious measure of global supply chain pressures that could be used to gauge the importance of supply constraints with respect to economic outcomes.

Hoot of the Day

Please consider a new White House Fact Sheet emphasis mine.

President Biden Announces New Actions to Strengthen America’s Supply Chains, Lower Costs for Families, and Secure Key Sectors.

As part of his Bidenomics agenda to lower costs for American families, President Biden is announcing nearly 30 new actions to strengthen supply chains critical to America’s economic and national security. These actions will help Americans get the products they need when they need them, enable reliable deliveries for businesses, strengthen our agriculture and food systems, and support good-paying, union jobs here at home.

Today, President Biden will convene the inaugural meeting of the White House Council on Supply Chain Resilience, which will advance his long-term, government-wide strategy to build enduring supply chain resilience.

Who’s Involved?

I glad you asked because the list is small.

Co-Chairs to the White House Council on Supply Chain Resilience

• The National Security Advisor

• The National Economic Advisor

• The Secretaries of Agriculture, Commerce, Defense, Energy, Health and Human Services, Homeland Security, Housing and Urban Development, the Interior, Labor, State, Transportation, the Treasury, and Veterans Affairs

• The Attorney General

• The Administrators of the Environmental Protection Agency and the Small Business Administration

• The Directors of National Intelligence, the Office of Management and Budget, and the Office of Science and Technology Policy

• The Chair of the Council of Economic Advisers

• The U.S. Trade Representative

• Other senior officials from the Executive Office of the President and other agencies.

Perfect Timing!

What better time could there possibly be to create this task force adding over 20 individual agencies as co-chairs to an obviously critical mission than when supply chain pressures are at a record low of -1.74?

Clearly, Biden’s timing could not possibly be better.

What Else is Involved?

• Monitoring of climate impacts. The White House National Security Council, Office of Science and Technology Policy, and the Council of Economic Advisers will co-lead an interagency effort in partnership with the National Oceanic and Atmospheric Administration to monitor global developments related to El Niño, including this climate phenomenon’s impact on U.S. and global commodity prices, agriculture and fishery output, disruptions to global and trade supply chains, and resulting impacts on food security, human health, and social instabilities.

• New Resilience Center and tabletop exercises for supply chain disruptions.

• Launch of DOT Multimodal Freight Office. As part of the Bipartisan Infrastructure Law (“BIL”) implementation, DOT is launching its Office of Multimodal Freight Infrastructure and Policy (“Multimodal Freight Office”). This office is responsible for maintaining and improving the condition and performance of the nation’s multimodal freight network including through the development of the National Multimodal Freight Network, review of State Freight Plans, and the continued advancement of the FLOW initiative in partnership with the Bureau of Transportation Statistics.

• AI hackathons to strengthen critical mineral supply chains. USGS, the Defense Advanced Research Projects Agency (DARPA), and the Advanced Research Projects Agency-Energy (ARPA-E), building on their 2022 prize challenges announcement, will host a series of hackathons beginning in February 2024 to develop novel artificial intelligence approaches to assess domestic critical mineral resources.

• Risk mapping for labor rights abuses. The Department of Labor (DOL) updated its Comply Chain guidance for identifying and addressing labor rights violations in global supply chains.

• A $275 million in grant selections for its Advanced Energy Manufacturing and Recycling Grant Program, investments that will revitalize communities affected by coal mine or coal power plant closures through investment in clean energy supply chains.

• Use of the Defense Production Act to make more essential medicines in America and mitigate drug shortages.

• Global Labor Directive. On November 16, President Biden signed the Presidential Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. The President directed several departments to address labor rights abuses in global supply chains and identify innovative approaches to promote internationally recognized labor rights throughout the supply chain, including by collaborating with labor organizations, workers, and other labor stakeholders to consider efforts that support worker-led monitoring of labor rights compliance.

What the H is This Really About?

The answer is twofold. First, Biden will do anything and everything to force people into compliance with his idiotic energy and climate change policies.

Second, it’s a desperate and no doubt counterproductive attempt to shore up his polls.

Why Are Americans in Such a Rotten Mood?

On November 17, I discussed the rotten mood of consumers. Polls show people do not think the economy is humming.

For discussion, please see Why Are Americans in Such a Rotten Mood? Biden Blames the Media

Biden blames the media when people are struggling with Rent and Food. Rent of primary residence has gone up at least 0.4 percent for 27 consecutive months!

And  The Average Increase in the Price of Food Every Month for 32 Months is 0.6 Percent

This new program will add more inflationary bureaucracy to a system overflowing with inflation and ridiculous bureaucracy.

Mercy!