Jeff Bezos attacks Joe Biden on Twitter over inflation

Placeholder while loading article actions

The White House is tussling with Jeff Bezos after the Amazon founder took aim at President Biden’s economic policies on Twitter.

Bezos, one of the world’s richest men, criticized the White House’s economic record by pointing to high inflation on Friday, tweaking Biden by suggesting that the administration’s new social media disinformation council should revisit the president’s claim that raising corporate taxes would lower inflation rates. On Sunday, he continued, sharing a post that criticized Biden’s claims to have cut the federal deficit. Bezos alleged the administration tried to approve even more economic stimulus, but was stopped by Sen. Joe Manchin III (DW.Va.) — an apparent reference to the White House’s Build Back Better economic program , stalled for a long time. These plans, however, were designed as long-term structural changes to the US economy, not economic stimulus measures.

“In fact, the administration scrambled to inject even more stimulus into an already overheated inflationary economy and only Manchin saved them from themselves,” says Bezos, owner of the Washington Post. “Inflation is a regressive tax that hurts the less well off the most. Bad leadership does not help the country.

Amazon and Starbucks union workers could be invited to the White House

The White House responded by pointing out that Bezos’ attacks emerged days after Biden met in the Oval Office with the union leaders behind Amazon’s organizing campaign, which the company fiercely opposed. opposite. White House spokesman Andrew Bates also pointed out that Bezos would pay significantly higher tax burdens under the plans introduced by the administration. Bezos would pay an additional $35 billion under a billionaire tax plan introduced by the White House in March, according to calculations by Gabriel Zucman, an economist at the University of California, Berkeley.

“You don’t have to take a big leap to understand why one of the wealthiest people on the planet opposes a middle-class economic program that cuts some of the biggest costs families face. , fights long-term inflation and adds to the historic deficit reduction the president is achieving by asking the wealthiest taxpayers and corporations to pay their fair share,” Bates told the Post in a statement. Nor is it surprising that this tweet comes after the president met with union organizers, including Amazon employees.”

Bezos responded to that rejoinder on Monday by saying the administration was trying to change the subject of its inflationary record. “Look, a squirrel! Bezos said, mocking the White House statement. “They know that inflation hurts the most needy the most. But unions are not the cause of inflation and neither are the rich.

He added, “Remember, the administration has done its best to add another $3.5 trillion to federal spending. They failed, but if they had succeeded, inflation would be even higher than it is today.

The debate erupted during the White House press briefing on Monday afternoon, when a reporter asked Twitter about back and forth between Bezos and Biden. “Listen, it’s not a huge mystery why one of the richest people on earth opposes an economic program for the middle class, which cuts some of the biggest costs families face, fights long-term inflation, is not it ? declared the press attaché Karine Jean-Pierre.

Some prominent economists have criticized Bezos’ statement as misinterpreting Biden’s economic agenda. The White House has always maintained that its $3.5 trillion proposed spending under the Build Back Better plan would be entirely paid for by higher taxes on the wealthy and corporations, offsetting its impact on rising poverty. inflation. The administration’s spending plans have also been designed to span 10 years, only a fraction of which take effect immediately – which should, in theory, mitigate its inflationary effects.

Larry Summers, the former Treasury secretary who has criticized the White House’s economic record, said Bezos was wrong to suggest higher taxes wouldn’t reduce the inflationary impact of Biden’s spending plans.

“I think @JeffBezos is mostly wrong in his recent attack on admin @JoeBiden,” summers tweeted. “It’s perfectly reasonable to believe, as I do and as @POTUS asserts, that we should raise taxes to reduce demand in order to contain inflation and that the increases should be as gradual as possible.”

Comments are closed.