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Jeff Bezos is fighting the White House of Joe Biden because of inflation

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White House spokesman Andrew Bates also stressed that Bezas would pay a much greater tax burden according to plans introduced by the administration. According to estimates by Gabriel Zuckman, an economist at the University of California, Berkeley, Bezas will pay an additional $ 35 billion under a billionaire tax plan introduced by the White House in March.

“It doesn’t take a big leap to understand why one of the richest people on Earth opposes an economic program for the middle class that cuts some of the biggest costs families face, fights inflation for a long time and adds to the historic cuts. the deficit that the President achieves by asking the richest taxpayers and corporations to pay their fair share, ”Bates said. The Post in the statement.

“It’s also not surprising that this tweet came after the president’s meeting with job organizers, including Amazon staff.”

US President Joe Biden.Credit:AP

On Monday, Bezas responded to the remark by saying the administration was trying to change the subject from its inflation record. “Look, squirrel!” Bezas said, mocking the White House statement. “They know that inflation harms the most needy. But unions don’t cause inflation, and neither do rich people. “

He added: “Remember, the administration tried. . . they have everything possible to add another $ 3.5 trillion to federal spending. They have failed, but if they had succeeded, inflation would have been even higher than it is today. “

Some prominent economists have criticized Bezos’ statement as a misinterpretation of Biden’s economic program. The White House has always argued that the proposed $ 3.5 trillion spending under the Build Back Better plan will be fully paid for by higher taxes for the rich and corporations, thus offsetting their impact on stimulating additional inflation.

The administration’s spending plans have also been designed to be stretched over 10 years, with only some of them coming into force immediately – which, in theory, should blunt its inflationary effects.

Larry Summers, a former finance minister who has criticized the White House’s economic reputation, said Bezas was wrong in believing that raising taxes would not reduce the inflationary impact of Biden’s spending plans.

“I think @JeffBezos is mostly wrong in his recent attack on the @JoeBiden administrator,” Summers tweeted.

“It’s reasonable to think, as I am, and @POTUS argues that we need to raise taxes to reduce demand to curb inflation, and that the increase should be as progressive as possible.”

Washington Post

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https://www.watoday.com.au/world/north-america/jeff-bezos-battles-joe-biden-s-white-house-over-inflation-on-twitter-naturally-20220517-p5alwb.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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