Source: Wall Street
A recent tweet by US President Joe Biden infuriated Jeff Bezos, founder of the former world's richest man Amazon.Com Inc, and sparked a series of war of words over inflation, pointing the finger at the White House reconstruction bill. said it could lead to inflation.
"the government has done its best to increase federal spending by $3.5 trillion," Bezos said on Twitter. "they failed.But if they succeed, inflation will be higher than it is now, which is already the highest in 40 years.。”
Wall Street has previously mentioned that Biden's "rebuild good" spending plan, which was originally worth $3.5 trillion, was reduced to $1.75 trillion in October last year, but the Reconstruction Act is the largest social spending bill in the United States in decades.
It mainly includes providing two years of free preschool education for 3-and 4-year-olds in the United States, subsidizing the cost of child care, reducing Medicare drug prices, and expanding climate tax credits to reduce carbon emissions. In addition, it also includes raising the minimum tax rate for American companies and raising taxes on the rich who earn more than $10 million a year.
At the end of last year, Joe Manchin, a Democrat with a key vote in the U.S. Senate, dashed the Biden administration's hopes of a $1.75 trillion economic stimulus package this year.
The war of words was sparked by a tweet from Biden on Friday. Biden said in his tweetOne reason for the soaring inflation is that wealthy companies are not paying enough taxes.。
Bezos immediately hit back at Biden's tweet, accusing it of "misleading" linking inflation to corporate tax, suggesting that Biden was trying to throw inflation into business.
"raising corporate income tax is debatable," Bezos wrote. Curbing inflation is a key issue worth discussing. Mixing them together is misleading. "the newly formed false Information Committee should be allowed to censor this tweet."
The White House then responded to Bezos. A spokesman said: "Why should the richest man on earth object to an economic agenda for the middle class?These measures reduce some of the maximum spending faced by households, fight inflation for a long time, and achieve historic deficit reduction by requiring the richest taxpayers and businesses to pay their share. "
Since stepping down as chief executive of Amazon.Com Inc last year, Bezos has become increasingly active on Twitter, occasionally using Twitter to tease his personal opinions, but not as frequently or violently as Elon Musk, the world's richest man.