Inflation in the United States increased by 8.3% in April, compared to a year earlier. This is slightly down from 8.5% in March, but still close to its highest level in 40 years.
Courtesy | The CEO of Tesla assured in a virtual conference that the blame for inflation lies with Joe Biden
Billionaire Elon Musk has warned that the United States must take action to tackle inflation or it will end up “like Venezuela.” The Tesla CEO assured in a virtual conference that Joe Biden is to blame for inflation due to the monetary issue during the pandemic.
“I mean, the obvious reason for the inflation is that the government printed more money than it had, obviously,” Musk said, referring to trillions of dollars worth of stimulus and COVID-19 relief packages. dollars that were approved in recent years.
Inflation in the United States increased by 8.3% in April, compared to a year earlier. That’s slightly down from 8.5% in March, but still close to its 40-year high.
“So it’s like the government can’t…write checks way above income without there being inflation, you know, the velocity of money stays constant,” the Tesla CEO said. “If the federal government writes checks, they never bounce. So that’s effectively creating more dollars. And if there are more dollars created, then the increase in goods and services throughout the economy, then you have inflation, once more, the velocity of money remains constant, “added the billionaire.
If governments might just “issue massive amounts of money and deficits didn’t matter, then, well, why don’t we make the deficit 100 times bigger?” Musk asked. “The answer is that you can’t, because it will basically make the dollar worthless.”
“Various countries have tried this experiment multiple times,” Musk said. “Have you seen Venezuela? Because the poor, poor people of Venezuela are, you know, they’ve been trampled on by their government.”
During the conference, Musk also said that the Biden administration “doesn’t seem to be getting much done” and questioned who is really in charge. “The real president is the one who controls the teleprompter,” he said. “The path to power is the path to the teleprompter.”
“The Trump administration, Trump aside, there were a lot of people in the administration who were effective at getting things done,” he remarked.
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