Superrich Amazon founder Jeff Bezos has attacked President Joe Biden for calling out oil companies for raising prices for American consumers at the gas pump.
And the White House came back with little burn.
In a tweet on Saturday, Biden called out executives from oil companies that run gas stations: “This is a time of war and global danger. Lower the price you’re charging at the pump to reflect the cost you’re paying for the product. And do it now. ”
“Oh. “Inflation is too important an issue for the White House to continue making statements like this,” he tweeted in response. “This is either straightforward misdirection or a profound misunderstanding of fundamental market dynamics.”
Actually it’s neither, the White House got slapped again.
In a tweet, White House Press Secretary Karine Jean-Pierre responded that gas prices are still high even as oil prices are falling — an inevitable “market dynamics” (unless those “dynamics” include price increases) that give the lie to her statement. .
“I don’t think it’s surprising that you think oil and gas companies using market power to make record profits at the expense of the American people is the way our economy should work,” Jean-Pierre said.
Twitter wags loved the Bezos shade.
Bezos last ran afoul of the president in May when he said Biden corporations Pay their fair share of taxes (Their taxes were cut by 40% during the Trump administration) to help combat inflation.
Bezos realized that paying lower taxes would have no effect on the nation’s current high inflation rate. He called on Twitter’s “Misinformation Board” to investigate Biden’s message because he said the president falsely linked higher corporate taxes to lower inflation.
Higher corporate taxes can actually reduce inflation, according to economists, by dampening the excesses in the economy that cause inflation.
More money in the treasury from corporations can help provide relief to people suffering in a post-inflationary economy, for example by extending or increasing the amount of unemployment benefits.
Amazon, incidentally, has paid extremely low taxes relative to its enormous revenue and wealth. It paid zero federal taxes for 2018, claiming a $129 million rebate on $11 billion in profits. It was one of the 60 or so large publicly traded corporations that paid no taxes that year.