On Sunday, the founder of Amazon, Jeff Bezos, lashed out at President Joe Biden for attempting to pretend his government reduced the deficit, despite increasing inflation.
The comments made by Bezos come after the Bureau of Labor Statistics revealed last week that the Consumer Price Index increased 8.3 percent in April, compared with the same month a year ago.
This result is higher than the 8.1 percent that was anticipated at the time the statistics were released.
Tweets
On Saturday, Biden asserted on Twitter that his immediate predecessor was responsible for the annual increase in the deficit.
The Neoliberal Project replied to Biden’s tweet by stating it was childish of him to say such a thing.
The decrease in the deficit can be attributed to the discontinuation of pandemic aid and an increase in federal revenue brought about by inflation.
There was no action taken to reduce the deficit by either Congress or the administration of Biden.
In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves. Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country. https://t.co/a8cygcunEG
— Jeff Bezos (@JeffBezos) May 15, 2022
In his response to the tweet sent out by the Neoliberal Project, Bezos accused Biden of once again attempting to mislead the general population.
Bezos stated the administration made strenuous efforts to pump even more stimulus into an economy that was already combustible and inflationary, but only Manchin was able to save them from themselves.
The middle class and the poor suffer the most from inflation because it acts as a form of regressive taxation. The nation does not benefit from deception in any way.
Late in the previous week, after Biden tweeted again about inflation, Bezos responded by attacking Biden.
The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
After waiting a few hours, Bezos finally responded, suggesting the recently established Disinformation Board ought to examine this tweet, or perhaps they ought to install a new Non-Sequitur Board instead.
Bezos said there is no problem with discussing the possibility of boosting corporate taxes. Containing inflation is a crucial topic to consider. It’s a complete waste of time to combine them all.
Actual Reasons
The latest wave of high rates of inflation has numerous causes, most of which are tied to the pandemic caused by the coronavirus, according to the Wall Street Journal.
Consumers have been loaded with savings, due to government stimulus programs and experienced a decrease in their spending on services. This is a direct result of restrictions placed on businesses.
According to the report, supply chain glitches, which have been a problem throughout the pandemic, have deteriorated due to the war in Eastern Europe.
China is heading into lockdown once more as a result of a rise in coronavirus cases. Both of these events coincided.
The cost of several forms of energy, including gasoline, has increased. There is a shortage of truck drivers, slots at seaports, and storage spaces, contributing factors to costly delays and increased shipping costs for commodities.
Because there are currently fewer people looking for work, those who do have jobs are better positioned to negotiate wage increases. The Federal Reserve also kept interest rates meager, which has made it cheaper to borrow money and more attractive to buy big things.
