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

The President's remarks on the economy in his State of the Union address will focus on a new plan to lower costs for families, senior officials say.

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.

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.

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