Joe Biden says 'inflation is the number one threat'

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The world’s richest man said the United States would soon turn into Venezuela if it continued printing money and noted that he previously voted “overwhelmingly Democrat” but claimed Donald Trump was more effective at getting things done.

Mr Musk said the Democrats were “overly controlled by the unions and by the trial lawyers” and Republicans were influenced by “corporate evil and religious zealotry”.

The Tesla CEO, who is in the process of a $44billion (£35billion) takeover of Twitter, claimed the US President was controlled by whoever was working his teleprompter.

He said: “The real President is whoever controls the teleprompter. The path to power is the path to the teleprompter.”

He then went on to compare the President to Ron Burgundy, a fictional news anchor from the movie Anchorman, who gets fired for reading directly from his teleprompter.

Mr Musk said: “I do feel like if somebody were to accidentally lean on the teleprompter, it’s going to be like Anchorman.”

Speaking to the All in Podcast, he added: “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.”

Mr Musk then took aim at the President over soaring inflation in the US, which has reached its highest rate since 1981.

He said: “I mean, the obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously.”

He argued that “governments can’t just issue checks” without eventually leading to runaway inflation.

He said: “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? The answer is, you can’t because it will basically turn the dollar into something that is worthless.

“Various countries have tried this experiment multiple times. Have you seen Venezuela? The poor, poor people of Venezuela have been just run roughshod by their government.”

Venezuela is facing a hyper-inflation crises that has seen its currency become virtually worthless.

Mr Musk is not the first multi-billionaire to take aim at the US President in recent days. Jeff Bezos, the world’s second richest man, also attacked the US President on Twitter.

He said: “The administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves.

“Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.”

The White House responded on Twitter, questioning why one of the world’s richest men opposes an economic agenda “for the middle class” and noted that the attack came following a meeting in which the President met with union leaders including Amazon employees.

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This resulted in another attack by Mr Bezos who claimed that The White House was trying to detract from the issue.

He said: “Look, a squirrel! This is the White House’s statement about my recent tweets. They understandably want to muddy the topic. They know inflation hurts the neediest the most. But unions aren’t causing inflation and neither are wealthy people.”

“Remember the Administration tried their best to add another $3.5 TRILLION to federal spending. They failed, but if they had succeeded, inflation would be even higher than it is today, and inflation today is at a 40 year high.”

US inflation reached 8.5 percent in March and was down to 8.3 percent in April. The United States, like many Western countries, is facing a cost of living crisis with high inflation and prices soaring.

Many in the US were particularly shocked by increasing petrol prices, which are far lower than those in the UK.

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