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19 Oct, 2022 15:59

Bezos issues dire warning for US economy

Americans should brace for a painful downturn, the billionaire has said
Bezos issues dire warning for US economy

Amazon founder Jeff Bezos has warned that the US economy may be headed for a recession as surging inflation is causing too much pain.

He expressed this view while retweeting a CNBC interview with Goldman Sachs CEO David Solomon on Tuesday in which the banker warned that he saw a “good chance” of a recession in the US and advised business owners to be cautious and prepare for more market volatility as growth headwinds mount.

“Yep, the probabilities in this economy tell you to batten down the hatches,” Bezos wrote on Twitter in response.

The billionaire has joined a growing chorus of leading investors, executives, and analysts – including JPMorgan Chase CEO Jamie Dimon – who are sounding the alarm over what lies in store for the US economy.

Economists say that inflation remains a persistent problem for the US economy. The current inflation rate of 8.2% is the highest since 1981. Meanwhile, the core US consumer price index (CPI), which excludes food and energy, rose by a record 6.6% year-to-date through September, according to official data released earlier this month.

Earlier this year, Bezos blamed the Biden administration for trying to mislead Americans about inflation, arguing that increasing taxes on corporations and the wealthy wouldn't reduce consumer costs. He also expressed the belief that the actual reason for inflation was the stimulus policies of the White House, which saw money being injected “into an already over-heated, inflationary economy.”

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