On Friday, House Speaker Nancy Pelosi addressed a press conference at the House Democratic Issues Conference, telling the audience that President Joe Biden's Build Back Better agenda will not add to inflation or the nation's debt.
The point came in response to a question regarding executive action.
"Now, let me just get back to the question. The larger issue about Putin's tax. That's, that's really Putin’s gas hike, that’s his gas hike, this, so much of this increase in the gas tax – the gas price started in the weeks leading up to what happened there," Pelosi said at the 2022 conference.
"But it has – it takes, in the context of a larger increase in prices that have different reasons why we have inflation. Inflation, sometimes, most frequently, accompanies lower unemployment. Lower unemployment, more inflation. We have to counter it. We have to recognize it, and we have to counter it. Supply chain shortages contribute – lower, lower supply, higher cost. We have to, we have to recognize it, and we have to address it," the House Speaker added.
Pelosi talked about investments in chip making as well as education and research, saying: "And this bill is transformational in how it not only increases supply to lower inflation, to create jobs, but to do so – that has full diversity in how we go forward with education and training and workforce development and all of that."
She noted that the legislation would not increase inflation, noting that "17 Nobel laureates in economics" have backed this claim.
"It is non-inflationary because of the way it is written," said Pelosi.
"The Joint Tax Committee has said that the BBB would lower, would add $100 billion, so that that gets subtracted from the national debt. Saves $100 billion over ten years. But we have to live in a year where, 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 added.
"So when we're having this discussion, it's important to dispel some of those who say, well, ‘Is the government spending – ’ no, it isn't. The government spending is doing the exact reverse, reducing the national debt. It is not inflationary, A," she said.
She continued on to say that point B is that the Biden administration doesn't want to reduce the increase of jobs, noting that Biden added a historic number of jobs as the economy continued to recover from COVID-19, placing praise with his American Rescue Plan.
"But yeah, it's – we're paying very close attention to it. But this starts with Putin, because – global inflation, for reasons beyond the gas tax – the gas price, 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."
Experts say that Biden's expensive American Rescue Plan, alongside the economic fallout of the COVID-19 shutdown and supply chain issues, is helping the skyrocketing levels of prices, according to The Wall Street Journal.
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