Business General News

‘Another government Stimulus Package Is Not In The Best Interest Of People’- Elon Musk

source:- thehill.com

What Is the Stimulus Package?

It is a package of incentives and tax rebates. It is used by different governments of different countries to save the country from financial crises and to stimulate the economy.

The idea behind this package is to provide incentives and tax rebates, as we know spending increases demand, which lead to the rise in employment rate which leads to higher income and more spending. This cycle continues till the economy of the country recover itself from the collapse.

One stimulus package used by India and the USA in 2008. During the global recession, it aimed at increasing employment and recover the economy of USA.

India used to build up financial stability and also to ensure bank deposit safety. The government took all the necessary steps to infuse the liquidity. Reduces the reverse repo rate, CRR and reverse repo rate. These measures were taken by the government to ensure the stability in the country and to boost up the economy during the Global recession.

CEO Tweeting About The Stimulus Package

During the pandemic, the US government is trying to focus on how to stimulate the countries financial stability by bringing up another stimulus package.

source:- inc.com

CEO of Tesla doesn’t find the package in the best interest of people. He is saying that the package will benefit only a few, and he believes in universal basic income. The aim of the government should be to maximize the happiness of the citizen.

He also mocked the government by saying that the package come with the vested interest.

source:-the hill.com

Why Musk Said Twitter Sucks?

Many people retweeted and commented on his Twitter and criticizing it. Some says that his very own company ‘Tesla and his wealth is possible because of government subsidies.’

Some also tweeted that ‘ possibly alone mask has forgotten Tesla was nurtured by government subsidies and many other Silicon Valley companies is also nurtured by by the subsidies’.

He also respond to all these comments and retweet by saying Twitter sucks and a flower emoji with it.

The extra $600 in unemployment benefit gave people a real benefit, so the government thanks another stimulus package would be beneficial for the country says, Trump.