Jeff Bezos schools Joe Biden in 'market economics' after POTUS's 'time of war' tweet

'It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics', responded Bezos to Biden's gas price surge tweet


                            Jeff Bezos schools Joe Biden in 'market economics' after POTUS's 'time of war' tweet
Jeff Bezos (L) criticized a statement issued by Joe Biden urging gas companies to lower their prices (Photos by Michael M Santiago/Getty Images and Anna Moneymaker/Getty Images)
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After US President Joe Biden on Saturday, July 2, tweeted, urging the companies "setting prices at the pump" to lower their charge as his administration is struggling with gasoline prices that are hurting his approval rating, Jeff Bezos got into a Twitter spat and schooled Biden in market economics. The CEO of Amazon said, "It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics."

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The 58-year-old Bezos posted the tweet on Saturday, July 2, evening, in response to a message posted on President Biden’s Twitter account which read, “My message to the companies running gas stations and setting prices at the pump is simple: 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.” To which Bezos responded by saying to president's tweet, “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”

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The beginning of Twitter spat

The spat over inflation started in mid-May, when Biden tweeted, “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.” Bezos tweeted in response, “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.”

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Gas price continues to rise

As on July 2, the national average for gas prices stood at $4.82 per gallon and over $6.25 in California. The Biden administration has blamed surging gas prices on Russian President Vladimir Putin’s invasion of Ukraine, which is now in its fourth month. On June 30, the president told the reporters in Spain that American drivers will have to endure high gas prices for “as long as it takes” for Ukraine to defeat Russia.

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Joe Biden also claimed earlier in the mid of May that under his predecessor Donald Trump, the deficit increased every year. To which, a Twitter user Neoliberal replied, "The deficit is decreasing because we’re not doing pandemic aid anymore, and federal receipts are up because of inflation. Congress, or the Biden administration, didn’t do anything to lower the deficit."

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As reported by NY Post, the White House has also pointed the finger at oil companies, accusing them of artificially restricting supply by refusing to drill on leasing sites approved by the federal government.

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Responding to Biden, who has urged that oil companies should lower their prices, Chen Weihua, EU Bureau Chief and columnist for China Daily, an English language media outlet owned by the Chinese Communist Party, said, “Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before."

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