Tech giants mock Biden’s handling of inflation


Growing discontent with the President Biden Among America’s business giants, CEOs White House Because instead of taking responsibility for inflation and an economy that could go into recession, they turned them into a bogeyman.

Mr. Biden It urged companies like Amazon to pay a higher tax rate and encouraged efforts to unionize the online retailer. Jeff Bezos mocking the president for trying to pass even bigger spending plans despite the signs her $1.9 trillion in stimulus spending in 2021 overheated the economy.

“Inflation is a regressive tax that hurts the least wealthy the most. Misdirection does not help the country,” he said. Bezos tweeted.

But it didn’t stop there.

Tesla’s CEO elon musk He told his “All-In” podcast that the current administration hasn’t accomplished much in 18 months in power other than passing huge spending bills that contributed to inflation. HE IS Said it could end up like the US Venezuelan If it stays on the way, it’s on the way.

“The obvious reason for inflation is that the government has printed a lot more money than it has,” he said. MuskPlans to buy the Twitter platform . “If the federal government writes a check, they never come back… if there are more dollars created, then there is an increase in goods and services in the economy, then there is inflation.”

SEE ALSO: Elon Musk criticizes Biden for causing inflation, says government ‘can’t just issue checks’

CEOs salvo Mr. Biden It seeks ways to stabilize the economy and lower the high prices that plague ordinary Americans.

Former Goldman Sachs CEO Lloyd Blankfein said the economy faces “a high risk of recession” as the Federal Reserve raises interest rates to combat inflation.

“I think the Fed has very powerful tools. It’s hard to see them fast enough to fine-tune and change their effect, but I think they respond well. It’s definitely a risk,” he told CBS, “Face the Nation.”

Last week, the Bureau of Labor Statistics reported that inflation has risen 8.3% over the past 12 months, marking the highest level in 40 years. White House Officials tried to downplay the importance of rising costs, blaming both Republicans and Russia for inflation.

The president blamed Vladimir Putin for high gas prices, especially as western powers cut off Russian energy flow after Moscow’s invasion of Ukraine.

Mr. Biden He has accused retailers of price gouging and likes to pin companies like Amazon, saying that companies and their wealthy owners don’t pay their fair share of taxes. In a report on how Mongolians avoid tax because their net worth is in stocks, ProPublica said, Mr. Bezos He paid nothing in federal taxes in 2007 and 2011.

Mr. Biden He tweeted on Friday that raising the tax on the rich could combat inflation, and Mr. Bezos saying that the administration should review the postings for the Disinformation Board.

“Increasing corporate taxes is debatable. Taming inflation is too important to discuss. “Mixing them is just misdirection,” he said. Bezos tweeted.

Lawrence Summers, President Obama’s economic adviser, said he disagreed with Mr. Bezos on the contrary her Well-documented warnings about inflation, Mr. Bidenterm.

“In my opinion Jeff Bezos mostly wrong her The latest attack on the Joe Biden Manager. “As I and POTUS argue, it’s perfectly reasonable to believe that we need to raise taxes to reduce demand to contain inflation, and that the increases should be as progressive as possible.”

Congressional Democrats are also Mr. Bidenhelp in the middle of saliva.

“It’s funny to hear Jeff Bezos and the billionaire class excuses not to provide a living wage or pay their taxes. Monopolies like Amazon inflate prices and make billions of dollars from working people. Bezos billionaires’ profits are rising and Americans are suffering,” tweeted Rep. Raul M. Grijalva, Arizona Democrat.

White House press secretary Karine Jean-Pierre answered questions about Mr. John. Biden linking inflation and taxation by talking about middle class aid in general.

“It’s not a big mystery why one of the wealthiest individuals in the world – it’s true – is opposing an economic agenda for the long-fighting middle class with inflation, which reduces some of the biggest costs families face in the check,” Ms Jean-Pierre said. “And that’s what we’re talking about.”

Mr. Bezos volleyed back White House Authorities argued Monday that West Virginia Democratic Senator Joe Manchin III “saved them from themselves” when he single-handedly derailed Mr. BidenThe $1.75 trillion welfare and climate bill.

“They understandably want to confuse the issue. They know that inflation hurts those who need it most. But unions don’t cause inflation, and neither do rich people.” Bezos tweeted. “The administration did its best to add another $3.5 TRILLION to federal spending. They failed, but if they did, inflation would be higher than it is today, and inflation today is at a 40-year high.”

Likewise, Mr. Musk He argued that, as Congress did at the height of the coronavirus pandemic, “the government simply cannot issue checks” without eventually leading to inflation and other dire economic problems.

“If the government can print huge amounts of money and the deficits aren’t significant, why don’t we make the deficit 100 times bigger?” he is I said. “Various countries have tried this experiment many times. See? Venezuelan

Mr. Musk also accused Mr. Biden Being excessively controlled by private interests affiliated with the Democratic Party.

“In the case of Biden, he is “It’s been overtaken by the unions, which was not the case with Obama,” he said. Musk.


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