Pelosi Blames Inflation On People Having Jobs
Speaker of the House Nancy Pelosi displayed confidence in the upcoming midterm elections Sunday, calling a Democratic victory “personally” important to the American people and their “kitchen table issues,” despite Americans struggling with the highest inflation in 40 years.
“Nothing less is at stake than our democracy. But very important in all that is what it means personally to the American people, to their kitchen table issues. Whether it’s what they pay for food, medicine, rent, children’s education, and the rest,” Pelosi told “This Week” host George Stephanopoulos.
“So our focus that unifies our Democrats – you talked about what may have divided them. What unifies us is the empathy that we have for America’s working families and the priority of meeting their needs. Lower cost, bigger paychecks, lower taxes, all paid for by making everyone pay their fair share with a great president.”
Earlier in the interview, Stephanopoulos pointed out that inflation has cost American families an average of $275 a month, climbing at its fastest rate in 40 years last month with a 7% increase in household expenses.
“The fact that people have jobs always contributes to an increase in inflation. That’s a good thing,” Pelosi stated before conceding that they would have to “contain” inflation.
Pelosi blamed price increases on job growth and the supply chain crisis causing a “scarcity of goods.” The House passed the COMPETES Act Friday, Pelosi explained, calling it a “giant step forward.”
The COMPETES Act is designed to make the U.S. more competitive with China through increased domestic technological advancement and innovation with $45 billion designated to ease supply chain disruptions and $52 billion for domestic semiconductor fabrication. Critics say the bill is “stuffed” with numerous pieces of prior legislation that previously failed to pass and also includes what Republicans call a “green energy slush fund.”
Pelosi insisted that, if passed, the Build Back Better Bill (BBB) would decrease inflation, arguing that “17 Nobel laureates wrote the way it was written and increasing the capacity of people to participate in our success it is noninflationary. In addition to that, the tax – the joint tax committee, says that BBB will reduce the national debt by $100 billion in the first 10 years,” Pelosi claimed.
When asked about Democratic West Virginia Sen. Joe Manchin’s opposition to the bill, Pelosi said, “We have legislation that is so transformative for our country when you see what President Biden has done in this year. Whether it’s the rescue package that has put money in people’s pockets, taking people off poverty, vaccines in their arms and the rest.”
When Stephanopoulos argued that the American people were still struggling, Pelosi stated, “I understand that, but there has to be a cumulative effect. Part of the consequences of all of that investment and infrastructure bill and the rest is that more people have jobs and, therefore, inflation goes up.”
“With all the respect in the world for my friend Joe Manchin — it’s not right to say what we’re doing is contributing to the inflation because it is exactly the opposite,” Pelosi concluded.