House Speaker Nancy Pelosi (D-CA) wants Americans to stop blaming trillions of dollars worth of government spending for inflation, because, she insists, that spending is “reducing the national debt.” The inflation, she assures the nation, is Russian President Vladimir Putin’s fault.
Pelosi was speaking at the 2022 House Democratic Issues Conference Friday, arguing that the solution to soaring prices in every sector can be found in President Joe Biden’s dead-on-arrival, multi-trillion-dollar, social spending bill, the Build Back Better Act.
“Even though the bill is for ten years, they measure it for 20 years and the imprimatur said a trillion dollars over 20 years is saved,” Pelosi preached to the Democratic choir. “So, when we’re having this discussion, it’s important to dispel some of those who say, ‘well it’s the government spending.’ No, it isn’t. The government spending is doing the exact reverse, reducing the national debt. It’s not inflationary.”
“One other point that we’ll make about it is that what we are doing in our legislation, what we would do in the Build Back Better — seventeen Nobel laureates in economics said that legislation does not increase inflation,” she stated. “It is non-inflationary because of the way it is written.”
New investments in education and developing the workforce would, Pelosi reasoned, eventually lead to lower prices.
It is, of course, an argument that, to conservatives, sounds ludicrous.
“Our money is on FIRE because of stupidity like this,” wrote Twitter user David Cross. “Pelosi actually says that government spending is reducing the national debt. If you voted for this, you should have your voter registration revoked for a decade.”
Constitutional Law blogger Hans Bader tweeted, “No wonder the budget deficit has skyrocketed — lawmakers like Nancy Pelosi can’t do basic math. She says that ‘government spending is… reducing the national debt,’ when, to the contrary, deficits are caused by government spending outstripping government revenue.”
And Representative Claudia Tenney (R-NY) delivered a devastating analogy to make her point.
“So according to her, if I am overdue on my credit card bill, I should just spend more money to reduce what I owe,” Tenney tweeted, adding, “They don’t even try to make their lies believable anymore.”
Our money is on FIRE because of stupidity like this. Pelosi actually says that government spending is reducing the national debt. If you voted for this, you should have your voter registration revoked for a decade. https://t.co/5rPLbFbky3
— David Cross (@GAballots) March 13, 2022
No wonder the budget deficit has skyrocketed — lawmakers like Nancy Pelosi can't do basic math. She says that "government spending is….reducing the national debt," when, to the contrary, deficits are caused by government spending outstripping government revenue: https://t.co/NmsEyAoP9t
— Hans_Bader (@HansFBader) March 12, 2022
Nancy Pelosi says that government spending is REDUCING the national debt, not growing it.
So according to her, if I am overdue on my credit card bill, I should just spend more money to reduce what I owe.
They don't even try to make their lies believable anymore.
— Claudia Tenney (@claudiatenney) March 13, 2022
If that wasn’t enough to get Twitter fuming, Pelosi attempted to tell Americans who’s really behind the price increases… she just had trouble spitting it out:
“Let’s get back to the question, the larger issue about Putin’s tax, that’s a– that’s really– Putin’s– [checks notes] Putin’s gas hike,” Pelosi stammered. “That’s his gas hike. There’s so much of this, of, uh, increase in the gas tax, but, errr, gas price started in the weeks leading up to what happened there.”
“We’re paying very close attention to [inflation], but this starts with Putin because the global inflation for reasons beyond the gas price,” she continued. “Global inflation is something that we have to deal with globally, but we have our responsibility to deal with it at home, and we have legislation that does just that, by increasing supply and, again, creating jobs in a way that is not adding to inflation.”
The comments on social media were not, to say the least, kind.
“What the literal hell is happening right here?” asked one user. “This is pathetic! … What the hell? Come On!”
“Holy sh*t, resign @SpeakerPelosi,” implored another. “This is bad.”
Another user thought he recognized Pelosi’s difficulties.
“When I was in college, we’d do ‘bugs and drugs’ which involved bong hits followed by Loony Toons,” he explained. “Of course, we didn’t have the eyes of the world on us, and if we had, we wouldn’t have dreamt of being half in the bag like Nancy here. #embarrassing.”
— ✵°✵.｡.✰𝔾𝕖𝕞𝕚𝕟𝕚✰.｡.✵°✵🗣𝓣𝓻𝓾𝓶𝓹 (@tarahtori) March 13, 2022
— Pharaoh4Prez2024 (@SgtFaroh) March 13, 2022
When I was in college, we'd do "bugs and drugs" which involved bong hits followed by Loony Toons.
— Chris "Early Treatment" Martenson, PhD (@chrismartenson) March 13, 2022
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