Elon Musk, the CEO of Tesla, has slammed President Biden’s economic management, warning that if prices continue to rise, the United States will end up like Venezuela.
Musk told the All-In podcast that the Biden administration had accomplished little in its 18 months in office, other than passing large spending bills that contributed to inflation.
JUST IN: Elon Musk says high inflation is a result of the government printing money.
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“The obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,” he said. “If the federal government writes checks, they never bounce … if there are more dollars created, then the increase in the goods and services across the economy, then you have inflation.”
Musk argued that, as Congress did during the coronavirus pandemic, the “government can’t just issue checks” without causing inflation and other serious economic problems.
“If the government could just issue massive amounts of money and deficits didn’t matter, then why don’t we just make the deficit 100 times bigger,” he said. “Various countries have tried this experiment multiple times. Have you seen Venezuela?”
The Bureau of Labor Statistics reported last week that inflation had increased by 8.3% in the previous year, reaching a 40-year high. Officials in the White House have attempted to downplay the significance of rising costs, blaming inflation on both Republicans and Russia.
Elon Musk: "The Democratic Party is overly controlled by the unions" pic.twitter.com/g2YsLZ35Mk
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Musk claims that such attempts to deflect political blame are harmful to the public interest. He also accused Biden of being overly influenced by Democratic Party special interests.
“In the case of Biden, he is simply too captured by the unions, which was not the case with [former President Barack] Obama,” Mr. Musk said.
“The real president is whoever controls the teleprompter,” he added. “The path to power is the path to the teleprompter.”
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