U.S. News
Bezos gives tips to consumers as economy ‘does not look great’ [Video]
WHAT YOU NEED TO KNOW:
- Jeff Bezos gave advice on how to lessen the impact of inflation.
- He warned that the current economy “does not look great right now,” and could get worse.
- He recommended holding off on big purchases to reduce risk as we brace for a potential recession.
Amazon founder Jeff Bezos warned individuals and small businesses that the economy “does not look great right now,” and offered advice on how to lessen its impact.
Speaking in an interview with CNN on Saturday, the Amazon founder made a disclaimer that he’s not one to know if the country is “technically in a recession.” He explained that even renowned economists still argue over its “certain technical definitions.”
“What I can tell you is the economy does not look great right now. Things are slowing down,” Bezos continued. “You’re seeing layoffs in many, many sectors of the economy. People are slowing down. The probabilities say if we’re not in a recession right now, we’re likely to be in one very soon.”
Although inflation as measured by the consumer price index slightly cooled in October, it still remains high. It went up 0.4% from September. Compared to last year, it’s up 7.7%, according to a report from FOX Business.
The Federal Reserve has since increased interest rates several times this year — including four back-to-back 75-basis-point increases — in an attempt to cool the economy and battle inflation.
High inflation and rising interest rates have already impacted hundreds of thousands of people. On top of this, several companies in different sectors did massive layoffs to cut down on expenses.
In real estate, Redfin and Zillow recently announced layoffs for about 862 and 300 employees, respectively. The layoff count was even bigger for tech companies such as Lyft, Twitter, and Meta.
As a way to alleviate the impact of inflation and brace for the potentially incoming recession, Bezos advised individuals and small businesses to reduce risk by holding off on any big spending.
For individuals, he advised delaying big purchases, such as appliances or vehicles. For small businesses, he recommended delaying “capital purchases” such as buying new equipment.
He said it was best to “wait a bit” before spending since any risk reduction “could make the difference for that small business if we do get into even more serious economic problems.”
“Hope for the best but prepare for the worst,” Bezos concluded.
Source: Fox Business
Gary Matthews
November 16, 2022 at 9:03 pm
I don’t believe a word from Bezos and wonder why someone would even ask him. Duh, he even admitted he has no great advice.
Hcatguy
November 17, 2022 at 5:54 am
Thank you Joe, you’ve done a great job of screwing up the entire planet. Didn’t think it was possible that one man could pull that off, but you did it.
Dennis
November 17, 2022 at 7:02 am
“Didn’t think it was possible that one man could pull that off…”
He didn’t. Joe is a sock puppet. He can’t even read his own speaking notes. We really need to know who has their hands up his ass doing the real malfeasance. It’s a good bet that Ron Klain is the lead perp, but it is certainly a team of extreme lefties pulling the strings to make Joe’s jaw move.
Dennis
November 17, 2022 at 7:08 am
Nobody elected Bezos. He bought his way into the new American Olicarchy. The way it works now is that if you don’t have billions, your vote doesn’t count, Pretty much like in the Russian Federation. The only thing holding it back for now is our system of checks and balances, until they figure out a way to dismantle it.
DeDeflyover
November 17, 2022 at 11:54 am
He’s not concerned about the hit to customers. Cost of diesel will hurt his bottom line along with supply chain issues. He can pack a a he!! of a lot of small items in his trucks to keep afloat. This is one oligarch that needs to get his comeuppance.
paulkersey50ca
November 17, 2022 at 12:35 pm
this article would have been more fun to respond to if they had introduced bezos, not as the founder of amazon, but as the owner of wapo, a propaganda rag that has told quite a different story while upholding and defending biden’s ludicrous claims of a great economic turnaround.