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

By Maegan Vazquez, Donald Judd and Kevin Liptak, CNN

(CNN) -- When President Joe Biden discusses the state of the US economy during Tuesday night's State of the Union address, he will focus on a new plan to lower costs for American families and his administration's efforts in the labor market's recovery, senior administration officials told reporters on a call previewing the remarks.

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.

The President will discuss price increases impacting Americans, laying out a four-point plan to lower costs for families that will focus on "making more things in America" and strengthening the supply chain; reducing costs of everyday expenses and reducing the deficit; "promoting fair competition" and "eliminating barriers to good-paying jobs," according to a fact sheet from the administration.

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. He'll also highlight the toll Covid-19 has taken on nursing homes and announce new steps to improve conditions in those facilities, including plans to establish a new minimum staffing ratio and expand penalties for certain homes.

This story has been updated with additional information.

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