By It’s getting harder and harder to defend Joe Biden, but former Speaker of the House Nancy Pelosi will do her best, even if it means embarrassing herself.
Earlier in the week, the California Democrat went on MSNBC and probably expected to be given softballs to hit. Sometimes, however, even softballs are hard to hit, especially when you have to defend Biden’s economic agenda.
The Daily Caller captured Pelosi’s “implosion” while she tried to make the case for reelecting Biden.
Democratic California Rep. Nancy Pelosi on Monday appeared to lose her temper when MSNBC host Katy Tur brought up how the COVID-19 pandemic impacted the economy under former President Donald Trump.
Before the pandemic in 2020, the economy under the former president experienced a jump in median household incomes as well as an all-time low poverty rate and unemployment rates at a 50-year low, according to a Trump White House press release. Pelosi on “Katy Tur Reports” asserted job losses under Trump were the worst out of all presidents, but Tur noted there was a worldwide pandemic during his presidency.
“And Joe Biden is doing that, created 9 million jobs in his term in office,” Pelosi said. “Donald Trump has the worst record of job loss of any president, so we just have to make sure people know.”
“That was a global pandemic,” Tur responded.
The segment wasn’t pretty for the former leader of the Democratic Party and the world’s greatest stock trader.
New Conservative Post warned earlier in the year that “Bidenomics” would likely be compared to “Read My Lips” in terms of political slogans, and now that prediction appears to be coming true.
Fox Business recently noted that “some on Wall Street strategists are growing concerned the U.S. economy could be headed toward a 1970s-style stagflation scenario amid recent signs of stubbornly high inflation and a cooling economy.
A string of inflation reports during the first three months of 2024 all came in above estimates, fueling fears that inflation could prove more difficult to conquer than previously believed. On top of that, economic growth during the first quarter unexpectedly faltered, rising at an annualized pace of just 1.6% – the slowest rate since 2022.
“This was a worst of both worlds report: slower than expected growth, higher than expected inflation,” said David Donabedian, chief investment officer of CIBC Private Wealth US, of the latest GDP data. “The biggest setback is the acceleration in core inflation, and in particular, the services sector rising above a 5% annual rate.”
With stagflation on the horizon, according to Newsweek, the Biden administration “released its 2025 budget proposal last month, and the budget calls for a significant increase to the top capital gains tax rate, bringing it to 44.6 percent from 20 percent. Capital gains taxes include the money the government takes from investors after they sell assets like stocks, bonds or even real estate.
The people who benefit from lower rates on capital gains are disproportionately white, according to the budget’s authors, and a higher capital gains tax rate could bring down the racial wealth gap.
‘It’s a complete mess, and it produces anything but equality,’ Michael Seifert, CEO of digital marketplace PublicSquare, told The National Desk. ‘I think utilizing the levers of our economy in order to spawn a social agenda is a very dangerous road to go down.'”
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