Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the US economy. President Joe Biden responded with a list of large investments from large corporations and wished Musk good luck on his trip to the moon.
Elon Musk’s bad feeling about the American economy
Tesla CEO Elon Musk said he had a “super bad feeling” about the US economy in an email to executives seen by Reuters.
The email, titled “Pausing All Hires Worldwide,” was sent two days after Musk told employees to return to work or leave. He also said he needed to cut about 10% of his staff in his electric car company.
Musk recently warned that the US economy is either already in recession or heading for one. However, the billionaire, CEO of Tesla and Spacex, believes the recession is a “good thing”, saying: “It’s been pouring money on fools for too long. Some bankruptcies must happen. “He also estimated that the recession would last between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes Musk’s concerns must be taken into account, saying:
Elon Musk has a uniquely informed view of the global economy. We believe that one of his messages would be highly credible.
Biden responded to Elon Musk’s comments
On Friday, President Joe Biden responded to Musk’s comment about a “super bad feeling” for the US economy.
“Well, let me tell you, while Elon Musk is talking about this, Ford is increasing its investment tremendously,” Biden said, pulling a note from his jacket pocket.
“Ford is increasing its investment and creating new electric vehicles, 6,000 new employees – union employees, I might add – in the Midwest. Former Chrysler Corporation, Stellantis, they also make similar investments in electric vehicles. “Intel is adding 20,000 new jobs to the computer chip industry.”
Biden concluded as he tucked his note back into his jacket pocket.
So, you know, good luck on his trip to the moon.
After Biden’s response, Musk tweeted, “Thank you, Mr. President!” His tweet included a link to a message that NASA had chosen Spacex to land the next Americans on the moon.
Musk is not the only one to predict that the US economy is heading into recession. Big short investor Michael Bury recently warned of an impending consumer recession. Lloyd Blankfein of Goldman Sachs advised every company and consumer to prepare for a recession. Soros Fund Management CEO Dawn Fitzpatrick said a recession was imminent. JPMorgan CEO Jamie Dimon sees an economic hurricane coming that is telling investors to prepare. One of the worst predictions came from Rich Dad, Poor Dad, Robert Kiyosaki, who said markets were collapsing and depression and civil unrest were coming.
What do you think of Elon Musk’s comments and Biden’s response? Let us know in the comments section below.
Kevin Helms
A student of Austrian economics, Kevin discovered bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, networking effects and the crossroads between economics and cryptography.
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