Elon Musk said a recession would be ‘good’ for the economy because it’ll hurt work-from-home fans and ‘foolish’ business owners he believes deserve to go bankrupt.
The Tesla billionaire, 50 – who is worth $218billion – has never been shy about sharing his opinions on Twitter and said he thought a recession would be a ‘good thing’ when asked on Thursday.
‘[Recession] actually a good thing,’ he tweeted. ‘It has been raining money on fools for too long. Some bankruptcies need to happen.
‘Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. Rude awakening inbound!’
Elon Musk, 50, (pictured at the Met Gala) said a recession would be a ‘good thing’ because it has been ‘raining money on fools for too long. Some bankruptcies need to happen’
Musk also said he thought the recession would last ’12 to 18 months’ and certain businesses deserved to go bankrupt
Musk may be referencing the multiple rounds of stimulus that was offered during the height of the pandemic to both businesses and people and the increasing amount of office workers who prefer to work from the comforts of their own home.
He has long boasted of his ferocious worth ethic, and is well-known to drive his staff extremely hard.
Musk warned staffers at Twitter he’d work them to the bone when the deal closes – but insisted he’d still work harder.
Thursday’s tweet also suggests Musk will force the San Francisco-headquartered firm’s workforce back into its offices, despite previously calling for it to be converted into a homeless shelter.
The SpaceX founder also said he thought the recession would last ‘about 12 to 18 months,’ based on historical recessions, he said on the social platform.
‘Companies that are inherently negative cash flow (ie. value destroyers) need to die, so that they stop consuming resources,’ he continued.
The question came after asset management company BlackRock warned that the IRS could raise interest rates to offset inflation, which could lead to a recession.
‘The Fed’s hawkish pivot has raised the risk that markets see rates staying in restrictive territory,’ the company said, according to Fox News. ‘The year-to-date selloff partly reflects this, yet we see no clear catalyst for a rebound.
‘If they hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation. It’s tough to see a perfect outcome.’
The entire debate on the recession came after the Met Gala attendee posted a poll asking: ‘Who do you trust less? Real question. Politicians or Billionaires.’
Not one to shy away from a political stance, he tweeted: ‘@aoc I dare you to run the same poll with your followers.’
The comment comes after Cortez, 32, announced plans to ditch her Tesla, weeks after Musk told her to stop flirting with him on Twitter.
The Green New Deal-backing politician told Bloomberg in an interview Wednesday that she wants to switch to an electronic car that is made domestically by unionized workers.
Currently, the only such vehicles she could consider are Ford’s huge F-150 Lightning truck, which will be released later this year, or a Chevy Bolt.
The recession conversation started after Musk posted a poll asking: ‘Who do you trust less? Real question. Politicians or Billionaires’ and asked AOC (pictured) to post the same poll after she said she wanted to ditch her Tesla
On Thursday, Musk criticized Democrats like AOC for being ‘controlled’ by the unions and said: ‘It’s like watching a sock puppet “talk,” but the hand inside the sock is way too obvious!’
Tesla workers are not unionized.
The Democrat went on to tell Bloomberg that she purchased her Model 3 in 2020 around the time that the COVID-19 began.
AOC said that it was the only electric car that could get her from her Bronx-Queens district to the nation’s capital on ‘one or one-and-half charges.’
Now the proud member of the squad said ‘I would love to switch.’
AOC claimed it was because she wants to support a manufacturer with a unionized production line, but her timing has raised questions.
Mitch McConnell tears into Biden for saying gas prices are going through an ‘incredible transition’ – as Americans pay TWICE as much for gas than 12 months ago
by Elizabeth Elkind, Politics Reporter for DailyMail.com
Senate Minority Leader Mitch McConnell accused President Joe Biden of waging ‘war’ on fossil fuel
Senate Minority Leader Mitch McConnell tore into President Joe Biden on Thursday for characterizing the gas price crisis as an ‘incredible transition’ for the nation and the world.
The Kentucky Republican legislator was speaking on the Senate floor on the same day the nationwide average gas price hit a new high of $4.60 – just before roughly 39 million Americans gear up to travel for an extended holiday weekend.
For his argument McConnell cited a recent analysis that shows American families are now spending an average $5,000 per year on gas.
That’s compared to $2,800 the previous year and $3,800 just this past March, according to Yardeni Research.
‘Nationwide, gas prices have risen 46.9 cents just in the last month. And in Kentucky they’ve risen, actually, even faster,’ McConnell claimed.
‘According to President Biden, it’s all part of what call he calls a quote, “incredible transition.” Well, that’s a heck of a way to describe his administration’s war on the most affordable, reliable, abundant forms of energy in our country,’ the Senate GOP leader said.
He quoted a resident of his state who said, ‘I’m getting taken full advantage of.’
McConnell said another claimed ‘It costs so much to fill up, I have to do half a tank at a time now.’
Biden on Monday discussed the energy supply chain crisis during a press conference in Japan.
Seemingly referring to the impact Russia’s invasion of Ukraine has had on gas prices across the world, Biden said: ‘Here’s the situation. And when it comes to the gas prices, we’re going through an incredible transition that is taking place.’
‘God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,’ the president said.
‘You see what Europe is doing relative to the importation of Russian gas.’
He said his administration had been able to ‘keep it from getting worse – and it’s bad’ before commiserating with working families about the stinging high cost.
‘The price of gas at the pump is something that I told you – you heard me say before – it would be a matter of great discussion at my kitchen table when I was a kid growing up. It’s affecting a lot of families,’ he said.
A cornerstone of Biden’s response to surging prices at the pump has been to accelerate the nation’s transition to green energy and electric vehicles, which White House officials have argued is a more lasting solution to volatility in the fossil fuel market.
But on Thursday, McConnell said the plan was ‘forcing fuel prices so high that it requires Americans to transition to more expensive cars with supply chains controlled primarily by China and other hostile regimes, and lower labor and environmental standards.’
‘Some idea of “incredible”,’ he chuckled.
Gas prices are hitting record highs as three million more people prepare to travel for Memorial Day weekend than last year, according to AAA
Inflation hit a four-decade high in March, falling slighting in April to a still massive high of 8.3 percent
Of the upcoming holiday, McConnell went on: ‘Depending on where you’re trying to go higher fuel costs are hurting Americans ability to enjoy major summer traditions.’
‘Of course, millions of Americans are having a hard enough time paying for basic expenses, let alone planning summer vacations,’ he added.
Meanwhile, roughly 3 million more people are expected to travel this Memorial Day weekend than last year’s, according to the American Automobile Association’s annual forecast.
It’s still lower than the 37.6 million travelers recorded in 2019, before the pandemic.
Nearly 35 million people are expected to travel by car, a 4.6 percent increase from 2021 – even as the average gas price exceeds $6 per gallon in parts of the country hardest-hit by the crisis.
Costs are rising in nearly every facet of American life – inflation rose 8.3 percent in April from the previous year, a slight decline from the previous month’s 40-year record high 8.5 percent, but nearly double the 4.2 percent increase that occurred in April 2021 while the world was in the midst of the coronavirus pandemic.
‘The Consumer Price Index continues to hover at levels our economy hasn’t seen in four decades,’ McConnell said on Thursday.
‘As we head into Memorial Day weekend, the American people have become reluctant experts in its painful, real-life effects.’