As the Biden administration battles inflation at a 40-year high, Amazon’s founder is keeping a close eye on the situation.
Get Amazon.com Inc. Report to learn more about Jeff Bezos’ resignation as CEO of Amazon (AMZN).
However, he appears to have discovered a new title: top controller of President Joe Biden’s campaign to combat inflation, which is at its highest level in 40 years.
According to the Bloomberg Billionaires Index, the second-richest man in the world had a fortune valued at $133 billion on July 3. He has been working at this new position for a few weeks. His office is on Twitter, where he posts both positive and negative feedback for the Biden administration as customers become increasingly concerned about rising prices and worry that the economy could experience a severe downturn or perhaps a recession.
Bezos criticises the White House for having a weakness.
Everything began in May. Democratic President Biden discusses boosting corporation taxes as a countermeasure to inflation on May 13. Biden said that in order to reduce inflation, the biggest firms should pay their fair share. Bezos’ response was harsh.
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Bezos suggested that “the newly established Disinformation Board should review this tweet, or perhaps they need to form a new Non Sequitur Board instead.”
“Do you want to lower inflation? Let’s ensure that the wealthiest businesses contribute fairly “Biden published a tweet.
“It’s okay to talk about increasing corp taxes. Talking about taming inflation is essential. Combining them only serves as a form of misdirection “Bezos answered.
As the president tried to claim credit for reducing the deficit, Bezos also blasted the Biden administration. This was too much for the former Amazon CEO to take, so he pointed out that Democrats were attempting to increase economic stimulation as prices rose.
“In reality, the administration made a concerted effort to add additional stimulus to an already sweltering, inflationary economy, but only Manchin was able to stop them. Regressive taxes like inflation disproportionately harm the least wealthy people. Misdirection does not benefit the nation, “On May 15, Bezos wrote.
The following day, the businessman said that the federal government was to blame for the recent increase in your grocery shop receipts.
“Observe! A squirrel! Here is what the White House had to say about my most recent tweets. They attempt to confuse the issue, which is understandable, “On May 16, Bezos attacked. “They are aware that inflation mostly affects those in need. But neither wealthy people nor unions are to blame for inflation.”
“Recall that the Administration made every effort to increase government expenditure by an additional $3.5 TRILLION. They were unsuccessful, but if they had been successful, inflation—which is already at a 40-year high—would have been substantially worse.”
“Deep Misunderstanding of Basic Market Dynamics”
The White House sharply slammed Bezos at the time, noting his antipathy to unions and accusing him of trying to safeguard his fortune.
According to White House spokesman Andrew Bates, “it doesn’t take a huge leap to figure out why one of the wealthiest individuals on Earth opposes an economic agenda for the middle class that reduces some of the biggest costs families face… by asking the richest taxpayers and corporations to pay their fair share.”
The fact that this tweet was sent out after the president met with labour organisers, including Amazon workers, is also not surprising.
The Biden administration does, in fact, support labour unions, which helped them win a historic victory at Amazon when workers at a New York warehouse recently chose to become a union, a first.
After a period of peace spanning more than a month, Bezos has only recently resumed his criticism of the White House in response to a tweet from Biden urging oil firms to reduce gas prices at the pump.
This is a time of war and global peril, Biden stated in a post on July 2. “My message to the companies running gas stations and setting prices at the pump is simple: “Reduce the pump price to reflect the price you are actually paying for the product. Do that right now.”
Bezos said, “Ouch.” “The White House shouldn’t continue to make statements like these about inflation since it is such a serious issue. Either it’s blatant misinformation or a profound ignorance of the fundamentals of market dynamics.”
The White House gave a prompt response. It is equally harsh as those who have criticised the millionaire.
White House press secretary Karine Jean-Pierre responded to Bezos, “Prices at the pump have barely decreased, despite a $15 down in oil prices over the past month.” “Not exactly “fundamental market dynamics,” is it? The American customer is being let down by this market.”
She continued, “But I guess it’s not shocking that you think oil and gas firms utilising market power to collect record profits at the expense of the American people is the way our economy is intended to work,” after Jean-Pierre had not yet finished.
In 2022, gasoline costs in the US reached all-time highs. According to AAA, the average cost of a gallon of normal gasoline rose to $4.81 on July 3 from $3.12 the previous year. Although prices are anticipated to soar more during storm season.