We Need to Raise Your Taxes in Order to Tackle Inflation
Elon Musk and Jeff Bezos, the world’s richest and second richest men, respectively, weighed in about inflation recently. Bezos’ tweet was in response to a tweet from President Joe Biden: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.”
Bezos wrote: “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.”
My response to Bezos: You are the one misdirecting. You know what you’re saying is misleading. Or maybe you don’t and that’s even more unforgivable.
To add insult to injury, Musk chimed in about inflation at the All-In Summit in Miami Beach: “The honest reason inflation is that the government printed a zillion amount of more money than it had,” the serial entrepreneur said. He’s right to a point. But the reason for increasing the country’s money supply (printed a zillion amount more money than it had) is a problem is because it raises the national debt. (Mistakes are his.)
Shortly thereafter, Bezos followed up with this tweet, which in theory, I agree with. “In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves. Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.”
What I don’t agree with is that Joe Biden is somehow misdirecting. To invoke James Carville in a message to Bill Clinton’s campaign staff re. their messaging:
IT’S THE NATIONAL DEBT, STUPID.
Inflation arises from unaffordable national debt. National debt can only be reduced through…