Jeff Bezos is no longer Amazon’s CEO (AMZN) – Get Amazon.com Inc. Report.
But he appears to have found another title: Chief Financial Officer of President Joe Biden’s 40-year high against inflation.
The world’s second-richest man, with an estimated fortune of $133 billion on July 3, according to the Bloomberg Billionaires Index, has indeed landed his new job for a few weeks now. His office is on Twitter, the platform he uses to assign good and bad points to a Biden administration, as soaring prices worry consumers and spark fears of a sharp economic slowdown or even a recession.
Bezos attacks one of the White House’s weaknesses.
It all started in May. On May 13, Democratic President Joe Biden saw raising corporate taxes as one of his options to fight inflation. Biden suggested that to keep inflation down, the richest companies should pay their share of the fare. Bezos’ response was harsh.
“The new Disinformation Committee should review this tweet, or they may need to form a new non-Sequitur committee,” Bezos commented.
“Do you want to lower inflation? Let’s make sure the richest companies pay their fair share,” Biden tweeted.
“Raising corporate taxes is up for discussion. Curbing inflation is the key to the discussion. Mixing them up is just misleading,” Bezos responded.
Bezos also criticized the Biden administration for trying to take credit for reducing the deficit. The former Amazon boss can’t accept that, noting that Democrats are trying to inject more stimulus into the economy as prices soar.
“In fact, the government worked hard to inject more stimulus into an already overheated, inflationary economy, and only Manchin saved them from himself. Inflation is a regressive tax that hurts the least well-off the most. Misleading the country Didn’t help,” Bezos wrote on May 15.
The next day, the entrepreneur said the reason for your recent surge in grocery receipts is the federal government.
“Look, a squirrel! This is a statement from the White House regarding my recent tweet. It’s understandable that they want to confuse the topic,” Bezos attacked on May 16. “They know inflation hurts the most in need. But unions don’t cause inflation and neither do the rich.”
scroll to continue
“Remember, the government did its best to add another $3.5 trillion to federal spending. They failed, but if they succeeded, inflation would be higher than it is today, which is at its highest level in 40 years .”
“Deep Misunderstandings of Fundamental Market Dynamics”
At the time, the White House strongly criticized Bezos, accusing him of wanting to protect his wealth and recalling his opposition to unions.
“It doesn’t take a giant leap to figure out why one of the richest people on the planet opposes a middle-class economic agenda to cut some of the biggest costs families face…by requiring the wealthiest taxpayers and corporations to pay Their fair share,” White House spokesman Andrew Bates said at the time.
“It’s no surprise that this tweet came after the president met with labor organizers, including Amazon employees.”
In fact, the Biden administration is behind the scenes in favor of unions, and they have succeeded in a historic victory at Amazon, with workers at a New York warehouse recently voting to unionize for the first time.
After more than a month of lull, Bezos just reignited his criticism of the White House after a Biden tweet calling on oil companies to lower gas prices at gas stations.
“My message to the companies that run gas stations and set gas station prices is simple: this is a time of war and global danger,” Biden posted on July 2. “Lower gas station prices to reflect costs” you are Pay for the product. Do it now.”
“Ouch,” Bezos commented. “Inflation is too important for the White House to continue making statements like this. It’s either outright misleading or a profound misunderstanding of fundamental market dynamics.”
The White House’s response was quick. That’s as harsh as the billionaire’s critics.
“Oil prices have fallen by about $15 over the past month, but they have barely fallen,” White House press secretary Karin Jean-Pierre wrote in a letter to Bezos. “This is not a ‘fundamental market dynamic.’ This is a market that is disappointing U.S. consumers.”
Jean-Pierre didn’t finish because she added: “But I guess you think that oil and gas companies using market forces to make record profits at the expense of the American people is the way our economy should work, and that’s not strangeness. “
Gasoline prices in the U.S. hit record highs in 2022. The average price per gallon of regular gasoline hit $4.81 on July 3, compared with $3.12 a year ago, according to AAA. year. But prices are expected to continue to rise during the hurricane season.