Jeff Bezos accuses Biden of “misdirection” on inflation causes and solutions

Billionaire Jeff Bezos lashed out at the Biden administration again on Sunday, blaming it for rising inflation that “hurts the fewest.”

In a tweet Sunday, Bezos, the founder of Amazon.com Inc. AMZN,
+5.73%,
said: “The government has been trying hard to inject even more stimulus into an already overheated, inflationary economy and only Manchin has saved it from itself. Inflation is a regressive tax that hurts the least well-off the most. Misdirection does not help the country.”

The comment came in a reply thread to a tweet by President Joe Biden citing the rising budget deficit under the Trump administration, saying, “Reducing the deficit is one of the most important ways we can reduce inflationary pressures.”

With inflation at a 40-year high, Fed Chair Jerome Powell admitted last week that the central bank had acted too slowly to contain inflation, and Cleveland Fed Chair Loretta Mester suggested a rate hike back on the table by 75 basis points for September if inflation does not move lower by then.

Bezos’ comments on Sunday came after a sharp response to another tweet from Biden on Friday.

“You want to lower inflation? Let’s make sure the richest companies pay their fair share,” Biden tweeted, without mentioning Amazon or any other company.

“The newly created disinformation board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is crucial. Throwing them together is just misdirection.” replied Bezoswho has a net worth of $137 billion, according to the Bloomberg Billionaires Index.

A report earlier this year said Amazon avoided paying about $5.2 billion in corporate taxes in 2021 as it reported record profits. The report of the Institute for Tax and Economic Policy found that Amazon paid about $2.1 billion in federal taxes, which is an effective tax rate of about 6%.

https://www.marketwatch.com/story/jeff-bezos-accuses-biden-of-misdirection-over-inflation-causes-and-solutions-11652653670?rss=1&siteid=rss Jeff Bezos accuses Biden of “misdirection” on inflation causes and solutions

Brian Lowry

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