Tesla CEO and billionaire Elon Musk threw President Joe Biden under the bus for the reason why Americans are struggling to pay their bills.
During an episode of the "All In" podcast, Musk said the “obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,” warning that inflation will get much worse to the point the U.S. will start to resemble Venezuela.
Since Biden took office, the U.S. has witnessed crippling prices at grocery stores and gas pumps. And now, a shortage in baby formula has taken hold due to the Biden administration's outlandish decisions.
“So it's like the government can't just…issue checks far in excess of revenue without there being inflation…velocity of money held constant. If the federal government writes checks, they never bounce. So that is effectively creation of more dollars. And if there are more dollars created, then the increase in the goods and services across the economy, then you have inflation,” Musk said about the government mindlessly printing money.
Musk, who said he usually votes “overwhelmingly Democrat,” couldn’t help but blame the Biden administration, saying President Trump’s time in office was more effective.
“This administration doesn't seem to get a lot done. The Trump administration, leaving Trump aside, there were a lot of people in the administration who were effective at getting things done.”
He then compared Biden to Will Ferrell’s character Ron Burgundy from the movie "Anchorman," who read word-for-word exactly what was written on the teleprompter.
“The real president is whoever controls the teleprompter," Musk said. "The path to power is the path to the teleprompter…I do feel like if someone were to accidentally lean on the teleprompter, it’s going to be like Anchorman.”
The U.S. Labor Department reported that inflation has jumped another 0.3 percent in April, leaving that at a rate of 8.3 percent, still a 40-year high.