Nancy Pelosi Has a Broken Clock Moment on Inflation, Calls for Less Dependence on 'Product Coming From Overseas'

AP Photo/Jacquelyn Martin

House Speaker Nancy Pelosi (D-CA) had a rare moment of clarity while discussing the ongoing inflation problem, in a conversation Sunday with ABC News’ George Stephanopoulos. She recognized the need for America to become less dependent on other nations for energy and other items.

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Pelosi appeared on ABC’s “This Week” to discuss the economy and other matters. Stephanopoulos noted inflation is “on the minds of all Americans” and asked her if “[t]here [is] anything you can do between now and November to bring prices down?”

Pelosi responded, explaining the employment rate’s impact on inflation and repeating President Joe Biden’s line about the Russia/Ukraine conflict adding to the problem. She said:

Let’s talk about inflation. First of all, a few things. Inflation, what — what causes inflation? One is when unemployment goes down, inflation goes up. That’s not anything to accept. When wages go up, inflation goes up. That’s one. When supply goes down, cost goes up. So supply is affected by COVID and supply chain problems that we have because of COVID, and also because of the war in Ukraine. Now I don’t — there is a Putin price hike at the pump. Not all of it to him, but a large part of it.

After trying to pin Biden’s incompetent handling of inflation on the war in Ukraine, she noted that Congress is looking at legislation designed to make America more independent. She said:

So what can we do? Well, we — this past week we’ve introduced within our conference a bipartisan actually friendly conference, our U.S. Competition Act of 2022. I don’t know if that will be the title. That’s always a debate, but it will address supply chain. It’s very important to make America independent and self-sufficient so that we’re not as dependent on product coming from overseas, whether it’s because of COVID or whatever else. But also because of not having shared values. So holding up our supply for reasons — using that leverage on us.

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Perhaps we can file Pelosi’s comments under “better late than never.”

Conservatives and sane Democrats have been screaming at the top of their lungs about becoming less dependent on other countries for years. Those cries have only become louder, as gas prices surge and Americans pay significantly more for groceries.

President Biden’s refusal to allow drilling for oil on American soil was yet another indicator that Democrats are not up to the task, when it comes to addressing the problems people are facing daily.

Indeed, despite pledging to do something about higher gas prices, he made the decision to cancel three Alaska oil and gas lease sales. The Economic Times reported:

One of the most highly valued oil and gas lease opportunity was cancelled by the Biden administration, which had a great potential to drill oil over 1 million acres in Alaska. This decision comes at a time when there is the biggest need for oil and gas as the prices hit all-time high.

If America had been energy independent when Russia invaded Ukraine, it could have changed the dynamic for European nations, which are heavily reliant on the Kremlin for oil. America could have stood in the gap and supplied these countries with oil, so they didn’t have to depend on Russia. This might have allowed them to take a stronger stance against Moscow.

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Pelosi is correct in her assertion about American independence. But will Congress actually do something that will roll back inflation? It would certainly be a welcome development. But given the Democrats’ performance so far, we probably shouldn’t hold our breath.

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