Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon.
Elon Musk’s Bad Feeling About the U.S. Economy
Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters.
The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company.
Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “a good thing,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes that Musk’s concerns should be heeded, elaborating:
Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility.
Biden Responds to Elon Musk’s Comments
On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment about the U.S. economy.
“Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,” Biden said, pulling out a notecard from his jacket pocket.
“Ford is increasing their investment and building new electric vehicles, 6,000 new employees ― union employees, I might add ― in the midwest. The former Chrysler Corporation, Stellantis, they are also making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips,” the president continued.
Biden concluded while putting his notecard back into his jacket pocket:
So, you know, lots of luck on his trip…
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