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This is Elizabeth Warren, the current US senator for Massachusetts and prime supporter of the tax the rich movement. After spotting the camera, Warren quickly hid behind the nearest person. Elon Musk tweeted “Interesting. What a hypocrite. Explain yourself Senator Warren.” Someone replied, “Haha she tried to hide from the person filming. Watch it again.” “Intentionally b-lined herself behind her staff as soon as she saw she was on video.” Elon elaborated by saying, “Sneaky, but ineffective, like the rest of what she does.” This is one of the many debates between Elon Musk and Elizabeth Warren. Elizabeth Warren has ironically been touting herself as a major supporter of sustainable energies, but, recently, she decided to criticize the CEO of #1 EV manufacturer.
Every argument always has events that culminate to the heated climax. Elon Musk and Elizabeth Warren’s debate is no different. The Biden Administration has been adamant about passing the Build Back Better bill, which is a $1.9 trillion legislation that includes massive federal tax credits for electric vehicles. Senator Joe Manchin recently prevented the bill from passing due to inflationary issues. Consumer prices are already inflating at accelerating rates, and such a large bill does not seem necessary. If such a bill was passed, it would further exacerbate inflation by spending almost 10% of the entire US GDP. Elon Musk tweeted that “if ‘temporary’ provisions in the Build Back Better Act become permanent, US national debt will increase by 24%!” Attached to the tweet is a website from the University of Pennsylvania detailing the macroeconomic effect of the Build Back Better bill if passed. The website concluded that if the build back better bill was permanent, “spending would instead total $4.6 trillion over the 10-year budget window. In this scenario, by 2050 federal debt increase by 24.4 percent and GDP would fall by 2.9 percent relative to current law.” You might be confused as to how a bill would even spend that level of capital. The Build Back Better bill contains many provisions, most of which nobody even knows because of how long the bill is. I can almost guarantee that no politicians, including the supporters of the bill like Elizabeth Warren, have read the entire Build Back Better bill. The reason for the bill’s length is primarily because the government always fits in inefficient and borderline useless provisions. Elon knows this and explained how “there is a lot of accounting trickery in this bill that isn’t being disclosed to the public.” Perhaps the most outrageous part of the bill is the fact that the bill would probably last longer than the timeframe that it is asking for. We’ve seen temporary government policies stay permanent over the course of history, with the most recent example being the Federal Reserve’s incessant government spending. Temporary government policies are almost never temporary, which is perfectly depicted by the Star Wars empire. Elon Musk tweeted about how there is “nothing is more permanent than a ‘temporary’ government program.” There’s simply no need for the Build Back Better bill, as it would likely do more harm than good. Total US Debt has increased by 92% over the past decade from $14 trillion to $28 trillion. Elon responded in reaction to this data by saying, “This is scary, something’s got to give. Taxing all billionaires at 100% only drops national debt by ~10%, which is just one year of deficit spending.” There is one person that would certainly want to tax billionaires at 100%, which is Elizabeth Warren. While running for presidency in 2020, she touted her billionaire tax as one of her groundbreaking proposals. Part of her proposal would be a tax on unrealized gains, which would mean taxing gains on stocks that aren’t even sold yet. As the richest person in the world, Elon Musk was obviously an easy target for this proposal. He was recently named Time person of the year, which caught many Tesla skeptics by surprise. Elizabeth Warren fired at Elon Musk by saying, “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”