Billionaire businessman Jeff Bezos has accused Joe Biden of “misdirection” after the U.S. President argued that increasing corporation taxes could ease inflation. The argument arose with U.S. inflation at 8.5%, its highest level in 40 years.
The suggestion that inflation can be reduced with higher taxes appears to fly in the face of all conventional financial wisdom, and Bezos was in no mood to let Biden’s economic illiteracy slide.
The two men have recently gone to the mattresses over Amazon employees’ attempts to unionize, with Biden an outspoken proponent for worker mobilization.
The public spat began to gain fresh momentum on Friday after Biden used his personal account to tweet: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.”
No specific mention of Amazon was made, but it is unlikely that Bezos required any assistance to join the dots.
Inflation pressure easing
On Saturday, the Presidential Twitter account continued in a similar vein, patting themselves on the back for reducing the deficit to ease inflationary pressures.
This prompted an account by the handle of @ne0libral to question whether Biden could really take much credit since the deficit reduction was simply a natural consequence of the end of the pandemic, and the end of pandemic relief.
Here Bezos waded in to point out that had it not been for Senator Joe Manchin blocking Biden’s $3.5 trillion “Build Back Better” plan, the deficit would not have been reduced, and inflationary woes today would be even more acute.
Bezos said: “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.”
The direct criticism was not something that the U.S. government was prepared to take.
The White House strikes back
On Sunday evening, Andrew Bates, the White House Deputy Press Secretary returned fire. Bates argued that Bezos’ interjection was motivated by self-interest rather than a commitment to fiscal accuracy.
“It doesn’t require a huge leap to figure out why one of the wealthiest individuals on Earth opposes an economic agenda for the middle class that cuts some of the biggest costs families face, fights inflation for the long haul, and adds to the historic deficit reduction the President is achieving by asking the richest taxpayers and corporations to pay their fair share,” said Bates in a statement to Jeff Stein of The Washington Post. “It’s also unsurprising that this tweet comes after the President met with labor organizers, including Amazon employees.”
With dirt flung over the wall in Bezos’ direction, the Amazon founder was sufficiently motivated to offer another strong riposte to Biden’s regime and Bates this Monday.
“They understandably want to muddy the topic,” said Bezos. “They know inflation hurts the neediest the most. But unions aren’t causing inflation and neither are wealthy people. Remember the administration tried their 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, and inflation today is at a 40 year high.”
Views from the crypto gallery
Jeff Bezos was not the only person to question President Biden’s recent statements on inflation. A number of prominent figures in the crypto industry took the opportunity to intervene, using the debate as a springboard to air their own views.
MicroStrategy CEO Michael Saylor said: “If you wish to help the least affluent protect themselves from inflation over the long term with a technical solution, give them products and services based on bitcoin.”
A similar sentiment was shared by JAN3 CEO Samson Mow, who suggested that a move to the bitcoin standard would bring inflation down.
Finally, Bitcoin investor Anthony Pompliano believes the American public needs to become better educated about inflation, its causes, and proper mitigation strategies.
“The bottom 45% of Americans hold no investable assets and have been pushed into a worse financial position,” he said. “Educating these individuals on inflation and currency debasement is imperative.”
Should Anthony Pompliano ever care to take on this important educational role himself, Jeff Bezos might wish to suggest one very Presidential pupil for a few basic lessons.