President Joe Biden’s latest attacks on American business owners won him praise from the Chinese Communist Party.
On Saturday, the president issued a tweet urging “the companies running gas stations” to set lower prices.
My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
— President Biden (@POTUS) July 2, 2022
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden wrote.
“Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
In response, a member of Chinese state media, Chen Weihua, China Daily EU Bureau Chief, praised Biden for criticizing capitalism.
Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before.
— Chen Weihua （陈卫华） (@chenweihua) July 2, 2022
Does Biden understand economics?
“Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before,” Weihua wrote.
A number of prominent figures have since criticized Biden’s economic analysis, pointing out that the market forces, rather than gas station owners, set the price of gasoline.
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
“Ouch,” Amazon CEO Jeff Bezos wrote in response to the tweet. “Inflation is far too important a problem for the White House to keep making statements like this.”
“It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
Yesterday, Biden accused gas stations of over-charging, but their prices reflect the price of gasoline set by the market, and the market reflects the lack of supply which was created by Biden killing both oil & refinery expansion. https://t.co/iU0KXdeRSt
— Michael Shellenberger (@ShellenbergerMD) July 3, 2022
“Yesterday, Biden accused gas stations of over-charging, but their prices reflect the price of gasoline set by the market, and the market reflects the lack of supply which was created by Biden killing both oil & refinery expansion,” journalist and author Michael Shellenberger tweeted.
The market sets the price at the pump, not the gas stations. How are you this economically illiterate. How. https://t.co/wBKxlC8VpZ
— Erielle Davidson (@politicalelle) July 3, 2022
“The market sets the price at the pump, not the gas stations,” The Federalist’s Erielle Davidson wrote.
“How are you this economically illiterate. How.”
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