If you’ve been away from Twitter lately, first of all: Good on you. Here’s a quick recap of the dispute between Jeff Bezos and President Joe Biden.
On Friday, Biden tweeted that the way to bring down inflation is to “make sure the wealthiest corporations pay their fair share.”
Bezos, founder of Amazon, an absurdly wealthy corporation, took issue with that. He fired off a reply, saying that linking corporate taxes to inflation is “just misdirection.”
In short, Bezos believes federal stimulus payments caused inflation. Biden says corporate greed is the culprit.
They’re both right. And they’re both wildly overstating their positions.
The truth is that inflation doesn’t have any single cause. Did the nearly $2 trillion in stimulus for families and individuals stoke demand for goods and contribute to the 40-year-high inflation we’re living in? Yes.
The Consumer Price Index was below 2% in Biden’s first full month in office. Stimulus checks started hitting bank accounts in March 2021,…
