In one of the recent episodes of ‘The All-in Podcast’, the owner of Tesla Motors, Elon Musk criticized the management of the government of the president of the United States, Joe Bidenbecause he assures that inflation has been increasing and that, at some point, it could get out of his hands.
According to data from the Bureau of Labor Statistics, year-on-year inflation in the US registered an increase of 8.3%, in the month of April, compared to last year, a figure that would be close to reaching its highest point during the last 40 years.
For this reasonthe businessman blamed the Biden administration and its economic aid plans to alleviate the economic crisis caused by the covid-19 pandemic. During this administration, the government printed so much money that an imbalance was generated in the US economy.
“I mean, the obvious reason for the inflation is that the government printed more money than it had, obviously,” the tycoon said.
(We suggest: Former President Trump scores some wins in a new day of primaries).
Further, Musk explained that if governments could just “issue massive amounts of money and deficits didn’t matter, then, well, why don’t we make the deficit a hundred times bigger? (…) The answer is that you can’t, because it will basically turn the dollar into something that has no value”.
In order to exemplify his statements, the programmer made reference to the economy of Venezuela, pointing out that the United States could end up the same way since it is doing the same thing that the Bolivarian government did a few years ago.
“Several countries have tried this experiment several times, have you seen Venezuela? How the poor of Venezuela have been trampled on by their government,” Musk said.
The billionaire also stated that, although he had voted on several occasions for members of the Democratic Party, he recognized that the work of the republicans, during the government of Donald Trump, had been much more efficient in this aspect and many others.
“In the Trump administration, Trump aside, there were a lot of people who were effective at getting things done (…) The real president is the one who controls the teleprompter,” he said.
(Be sure to read: With fewer sanctions, the US paves the way for Venezuela’s crude.)
The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
The Musk’s statement coincides with the recent trill of the founder of Amazon, Jeff Bezoswho took issue with Biden’s claims when he said he could keep inflation from skyrocketing by making the biggest companies “pay their fair share.”
“The newly created disinformation board should review this tweet, or maybe they need to form a new non sequitur board instead. Increasing taxes on companies is fine to discuss. Taming inflation is essential to discuss. Mixing them together is just a misdirection,” the post reads.
Inflation in the United States
According to a report released by the United States Department of Labor, one of the main causes of rising inflation in the country is the war in Ukraineas fuel and food prices have increased significantly around the world.
(Keep reading: Joe Biden’s helm regarding the relationship with Cuba).
In the US, the cost of gasoline rose 18.3% compared to February; and all energy products had an 11% rise in their prices.
Given this, the chief economist of Oxford Economics, Kathy Bostjancic, made a prediction for the media ‘DW’, through which she stated that US inflation could reach 9%although there will be a slight decrease that will make the year close with a level above 5%.
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