Economic History
Former House Speaker Nancy Pelosi (D–CA) claims that “Democrats are fighting to lower costs” and that their “American Rescue Plan” revived “our economy after Trump left it in shambles.”
IN FACT, Democrats aren’t fighting to lower costs but to transfer them to taxpayers, the American Rescue Plan fueled the worst inflation in 40 years, and the economy was in a shambles because of Covid lockdowns enacted with misinformation from the left and potentially caused by a Democrat icon. Here are the facts in order of their occurrence:
- In the run-up to the Covid-19 pandemic, Democrat “hero” Anthony Fauci funded “gain of function experiments” on “bat coronaviruses” at Communist China’s Wuhan Institute of Virology, including a “limited” experiment to “test whether the spike protein from naturally occurring bat coronaviruses” was “capable of binding to the human ACE2 receptor,” which is exactly what SARS-CoV-2 does.
- After the pandemic began, Fauci, many media outlets, and so-called fact checkers greatly overstated the Covid-19 death rate, prompting mass hysteria and lockdowns.
- The lockdowns — which were championed by the left and were stricter and longer in Democrat states — destroyed more than 20 million jobs and caused multitudes of deaths through missed medical care, depression, substance abuse, anxiety, school closures, and other collateral damages.
- In the wake of the lockdowns, politicians of both parties enacted five “Covid relief” laws that cost about $3.6 trillion and drove the national debt to the highest portion of the U.S. economy in the nation’s history.
- After the economy began recovering and had grown at a 3.9% annualized rate over the prior 6 months, Congressional Democrats and President Biden enacted the “American Rescue Plan Act of 2021,” which added another $1.9 trillion in deficit spending mainly devoted to social welfare programs and bailouts for state and local governments and private union pension funds.
- By four months after the passage of the American Rescue Plan, inflation had risen to 5.3%, and Biden responded by declaring that “no serious economist” is “suggesting there’s unchecked inflation on the way,” while he and other Democrats repeatedly denied the threat, implications, and reality of inflation.
- As inflation continued to soar and reached a peak of 9.0%, Democrats falsely blamed “grocery chains,” other corporations, “greed” and “price gouging” on a multitude of occasions for the inflation that was primarily caused by Democrats.
- Since Donald Trump became president in 2025, Democrats have continued to fight for more government spending on programs like healthcare, SNAP, and childcare, which makes these services and products more costly by blinding consumers to prices, enabling waste, fraud & abuse, and creating layers of regulations and bureaucracy while increasing enticements to loaf and reducing incentives to work.
