Billionaire “space tycoons” Elon Musk and Jeff Bezos do not concur on much; in fact, they are generally at odds, tossing barbs at one another. However, in an unusual moment of agreement, they both blame the government and specifically Joe Biden, for the country’s rampant inflation!
The two usually combative CEOs are in lockstep in pointing the finger of blame at Biden for the 40-year record high inflation.
Both Musk and Bezos say it was the stimulus to help consumers at the time of the pandemic that caused the inflation. Basically, in the eyes of the billionaires, the responsible culprit for the surge of your recent grocery store receipts and pain at the gas pump is none other than the federal government.
“Look, a squirrel! This is the White House’s statement about my recent tweets. They understandably want to muddy the topic,” Bezos attacked on May 16. “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.”
Asked hours later about Bezos’ criticism, Musk seemed to agree with his billionaire peer.
“The honest reason inflation is that the government printed a zillion amount of more money than it had,” the serial entrepreneur said during a video appearance at the All-In Summit in Miami Beach, according to a video posted on Twitter.
Musk has long been critical of Joe Biden, and not just about the economy, and now Bezos seems to be piling on. He has become more combative in the face of politicians and, in particular, President Joe Biden, whom he has not stopped criticizing in recent days.
“The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non-Sequitur Board instead,” Bezos commented after Biden said on May 13 that to bring down inflation wealthiest corporations should pay their fair share.
“Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection,” Bezos added.
The next day, Bezos criticized the Biden administration as the president sought to take credit for deficit reduction. The former Amazon boss couldn’t swallow this and pointed out that Democrats were trying to pump more stimulus into the economy as prices soared.
“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,” Bezos wrote on May 15.
However, not everyone shares the view of the billionaire bros.
“I think @JeffBezos is mostly wrong in his recent attack on the @JoeBiden Admin. It is perfectly reasonable to believe, as I do and @POTUS asserts, that we should raise taxes to reduce demand to contain inflation and that the increases should be as progressive as possible,” former Treasury Secretary Larry Summers, now a Harvard professor, commented. Summers has been warning about the increasing risk of recession.
Another thing that Musk and Bezos have in common is that they are both involved in two companies — Tesla and Amazon — that are anti-union. But the Biden administration is pushing for a revival of unionism in big companies and thus supporting employees who try to form unions – which could account for their one-two punch aimed at the POTUS.