Meanwhile, President Joe Biden additionally has confronted blowback over continued inflation and plans to deal with the difficulty.

A Twitter trade between Biden and Amazon founder Jeff Bezos started on Friday when the president tweeted: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.”

Quoting Biden’s tweet, Bezos responded: “Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection.”

Bezos additional criticized the White House’s technique in a tweet on Sunday, saying the $1.9 trillion American Rescue Plan, signed into legislation final March, contributed to the spike in inflation. He additionally commented how the rising costs are hardest on poor households.

Transportation Secretary Pete Buttigieg responded to Bezos’ criticism of the administration’s inflation coverage on Monday on CNBC’s “Squawk Box.” 

“The president’s theory of the case when it comes to economics is probably never going to be wildly popular with billionaires for the simple reason that he is calling on them to pay their fair share,” he mentioned.

“With the right kind of public investments, we can go after some of the things that we know are contributing to inflationary pressures,” Buttigieg added.