Champion of the ultra-wealthy Amazon founder Jeff Bezos has attacked President Joe Biden for calling out oil corporations for price-gouging American shoppers on the gasoline pump.
And the White House got here again with some burn.
Biden in a tweet on Saturday known as out executives of oil corporations operating gasoline stations: “This is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
“Ouch. Inflation is far too important a problem for the White House to keep making statements like this,” he tweeted in response. “It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
Actually it’s neither, the White House slapped again.
White House Press Secretary Karine Jean-Pierre schooled Bezos in a responding tweet that gasoline costs are nonetheless excessive even whereas oil costs are falling — giving the misinform his declare of inevitable “market dynamics” (until these “dynamics” should embody value gouging).
“I guess it’s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work,” Jean-Pierre slayed.
Twitter wags beloved the Bezos shade.
The final time Bezos was this upset with the president was in May when Biden stated firms should pay their fair share of taxes (their taxes have been slashed 40% during the Trump administration) to assist battle inflation.
Bezos griped that underpaying taxes would haven’t any impact on the nation’s present excessive price of inflation. He known as for Twitter’s “Disinformation Board” to probe Biden’s message as a result of he claimed the president inaccurately linked increased company taxes to decreasing inflation.
Higher company taxes can in reality decrease inflation, in keeping with economists, by tamping down an overheated economic system, which causes inflation.
More cash within the Treasury from firms might additionally assist present assist to individuals struggling in a post-inflation, cooling economic system, by increasing or rising the quantity of unemployment advantages, for instance.
Amazon, by the way, has paid extraordinarily low taxes in relation to its huge revenue and wealth. It paid zero federal taxes for 2018 by claiming a $129 million rebate on $11 billion in earnings. It was one in all 60 of a number of the largest publicly traded firms that paid no taxes that 12 months.