On Monday, CNBC host Andrew Ross Sorkin challenged Biden Transportation Secretary Pete Buttigieg on just how the administration is planning on taking on the the nation’s ongoing inflation crisis.
Sorkin specifically was interested in President Biden’s claim that raising taxes will somehow combat inflation.
Behold, your leader’s solution:
You want to bring down inflation?
Let’s make sure the wealthiest corporations pay their fair share.
— Joe Biden (@JoeBiden) May 13, 2022
Things Went South From Here
Sorkin asked Buttigieg, “Do you not agree that these (corporate tax rates and inflation) are two different issues?” He continued,
“Yes, in the immediate term, maybe it will have some impact on inflation. But corporate taxes is a long-term issue, you either do it because you think it’s the right thing to do or the wrong thing to do, not because you’re trying to deal with inflation right this second.”
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Buttigieg launched into Democrat talking points and subterfuge:
“A lot of it is what you’re going to do with the revenue and again, we have an agenda to use tax revenue on things that are going to ease inflationary pressures. But also, we have a very clear contrast right now. You have Senate Republican proposals that are about raising taxes on the poor and middle class and you have the president’s worldview, which is shared by the majority of Americans, that if anybody needs to be carrying more of the load right now, it is the wealthiest corporations that have become extremely profitable—”
Sorkin had apparently heard enough and interrupted Buttigieg saying, “That’s not how you’re going to solve inflation.”
How about you focus your ass on fixing our supply chain issues. The Biden Administration is costing me an extra $400 a month because of the inflation you caused.
— Scott B. Williams (@scottbwilliams1) May 16, 2022
Even Bezos Scoffs At Biden Admin Inflation Solution
Pete Buttigieg continued defending the Biden Administration’s plan to solve inflation by making corporations pay more taxes.
“Hold on, this is really important. Corporations that have invoked inflation as an excuse to keep prices high in ways that are not just reflected by the supply picture and are pocketing the difference.”
But Buttigieg’s defense is not gaining a lot of traction, and neither are the President’s claims. Amazon CEO Jeff Bezos, hardly a conservative hardliner, ripped Biden for claiming that “cutting the deficit” will ease inflation.
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. https://t.co/a8cygcunEG
— Jeff Bezos (@JeffBezos) May 15, 2022
Bezos was not done yet with the Biden administration, next taking on the same inflation claim from Sorkin’s segment with Buttigieg:
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. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
Latest Inflation Numbers And Possible ‘Stagflation’
Former Federal Reserve Chairman Ben Bernanke recently warned of the possible oncoming of 1970’s style “stagflation” – or the peculiar scenario where the economy is not growing while simultaneously saddled with inflation:
“Even under the benign scenario, we should have a slowing economy. And inflation’s still too high but coming down. So there should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high. So you could call that stagflation.”
Last week, CNBC reported that the Consumer Price Index rose to 8.3%, nearing the highest level in 40 years. The Core Consumer Price Index, which does not include food and energy prices, also rose to a higher than “expected” 6.2%.
Inflation-adjusted wages also went down for American workers to 2.6% from the same time last year due to the cost of living surge. The Federal Reserve has raised interest rates twice this year, and says there will be more hikes to come until the inflation rates comes down to the desired goal of 2%.
Watch Andrew Ross Sorkin’s interview with Pete Buttigieg here:
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