Jeff Bezos backs Trump's deregulation plans and sparks controversy

In the United States, on December 4, 2024, Jeff Bezos, the founder of Amazon, attended The New York Times' DealBook Summit in New York City where he spoke about his views on President-elect Donald Trump’s second term, particularly regarding the potential for regulatory rollbacks. Bezos highlighted his belief that current regulations hinder economic growth and expressed his enthusiasm for Trump's commitment to reducing red tape, stating that America possesses significant advantages such as abundant energy resources and a strong risk-capital system. He emphasized that to solve national economic issues, including high public debt, it is crucial to stimulate growth in the GDP. During the event, Bezos underscored that, in his opinion, solving the national debt problem involves growing the GDP at a faster rate than that of the national debt itself, which he believes can be achieved through effective deregulation. He stated, “You’re going to solve the problem of the national debt by making it a smaller percentage of GDP.” Reflecting on Trump's regulatory agenda, Bezos expressed optimism that the president is serious about executing his plan to eliminate burdensome regulations that he claims undermine America's competitive advantages. The discussion around Bezos's comments also touched upon Trump's previous relationship with both him and the media. During Trump’s first term, there were noticeable tensions, particularly regarding Trump's public criticisms of Bezos and Amazon. Furthermore, Bezos defended necessary interactions with the media, asserting that the press should not be perceived as an enemy, which Trump had suggested in past statements. In light of these ongoing discussions, Bezos hinted that he might offer his assistance in the regulatory reform efforts led by figures such as Elon Musk, who is also advocating for reduced government bureaucracy. Bezos's potential involvement indicates a significant alignment of interests between major tech entrepreneurs and Trump’s administration's goals, particularly concerning the establishment of a new government efficiency department designed to curb spending and reduce federal regulations. The call for action and participation in such initiatives highlights a broader consensus among business leaders on the need for economic reform amidst mounting challenges in the economy.