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House Speaker Nancy Pelosi, D-California, argued Friday that global inflation “starts with [Russian President Vladimir] Putin,” but that increased U.S. government spending on national social programs would help reduce the national debt and lower inflation in the country.
At the 2022 House Democratic Issues Conference, Pelosi called record high gasoline prices in the United States “Putin’s tax” and “Putin’s gasoline hike.” She said passing elements of President Biden’s multi-trillion-dollar social policy bill, called the Build Back Better Act, which virtually died due to opposition from moderates, would make new investments in education and workforce development in a way that would ultimately bring prices down.
Gas prices in the United States had risen sharply long before Putin launched Russia’s unprovoked invasion of Ukraine, from Biden’s early days in office when he canceled the Keystone XL pipeline and “suspended “Oil and Gas Leases on Federal Lands by Order in Council. the Biden administration freed 50 million barrels of oil from the National Strategic Reserve on November 23, 2021, to try to ease the growing pain at the pump. Russia invaded Ukraine on February 24, 2022. The Biden administration released an additional 30 million barrels from the reserve in early March 2022.
BIDEN CLAIMS ‘INFLATION IS MOSTLY PUTIN’S FAULT’, NOT DEMOCRATIC SPENDING
“Another point we’re going to make on this is that what we do in our legislation, what we would do under the ‘Build Back Better’ program – seventeen Nobel laureates in economics said the legislation doesn’t increase inflation. It’s not inflationary because of the way it’s written,” Pelosi said.
“So when we have this discussion, it’s important to dispel some of those who say, well, it’s government spending – no, it’s not,” she continued. “Government spending does the exact opposite, reducing the national debt. It’s not inflationary.”
“We pay a lot of attention to it, but it starts with Putin because global inflation has reasons other than the price of gasoline,” she continued. “Global inflation is something we have to deal with globally, but we have a responsibility to deal with it at home, and we have legislation that does just that, increasing supply and, again once, by creating jobs in a way that doesn’t add to inflation.”
Biden made similar comments during a Democratic retreat in Philadelphia on Friday.
“I’m sick of this stuff,” he said, gesturing with his hands to suggest he had it up to his neck. “The American people think the reason for inflation is because the government is spending more money. Simply wrong.”
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Meanwhile, experts say Biden’s $1.9 trillion U.S. bailout as well as problems caused by the coronavirus pandemic, including supply chain issues and rising demand, are contributing. to drive up prices, according to the Wall Street Journal.
Steven Rattner, a former Treasury Department official in the Obama administration, called US bailout spending an “original sin” that caused inflation.
Fox News’ Brie Stimson contributed to this report.