{"id":1804028,"date":"2023-01-12T15:37:11","date_gmt":"2023-01-12T20:37:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1804028"},"modified":"2023-01-12T15:39:09","modified_gmt":"2023-01-12T20:39:09","slug":"nancy-pelosis-legacy-of-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nancy-pelosis-legacy-of-debt\/","title":{"rendered":"Nancy Pelosi&#8217;s Legacy of Debt"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnancy-pelosis-legacy-of-debt%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1804028&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/shutterstock_2207824417-scaled-e1673474621412.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p><span class=\"first-char\">H<\/span>Nancy Pelosi is the official speaker <a href=\"https:\/\/www.washingtonpost.com\/politics\/interactive\/2023\/nancy-pelosi-house-speaker\/\">You have been evicted<\/a> After two decades of directing the political agenda for House Democrats, I was relieved from leadership last week<\/p>\n<p>There\u2019s no denying the historic nature of the California lawmaker\u2019s tenure, whose leadership began in 2002 when she became the first woman elected House minority whip. She\u2019d go on to take up the gavel of House speaker twice (from 2007\u20132011 and 2019\u20132023), making her the only female House speaker in history and <a href=\"https:\/\/history.house.gov\/People\/Office\/Speakers-Intro\/\">One of a handful<\/a> Non-consecutive terms may be served.<\/p>\n<p>As far as political careers go, Pelosi\u2019s has been a clear success. Journalists write &#8220;a href=&#8221;https:\/\/www.nytimes.com\/2023\/01\/03\/us\/politics\/nancy-pelosi.html&#8221;>hagiographic portraits<\/a> of her career, one aspect of Pelosi\u2019s legacy has received little attention: the massive federal debt accumulated since she ascended to leadership in Washington.<\/p>\n<p>In 2003, when Pelosi was elected minority leader, the national debt was greatly reduced. <a href=\"https:\/\/www.thebalancemoney.com\/national-debt-by-year-compared-to-gdp-and-major-events-3306287\">At<\/a> $6.2 trillion. When she turns over the speaker\u2019s gavel, the national debt <a href=\"https:\/\/www.usdebtclock.org\/\">Will be<\/a> $31.5 trillion. This means that approximately 80 percent of all U.S. debt was accumulated since Pelosi rose to the top of Congress.<\/p>\n<p>However, this does not mean that Pelosi is the only one responsible for the current debt crisis in the United States. The list of people to blame includes both major political parties.<\/p>\n<div class=\"perfect-pullquote vcard pullquote-align-right pullquote-border-placement-left\">\n<blockquote>\n<p>Democrats seem content to pass the bills to future generations.<\/p>\n<\/blockquote>\n<\/div>\n<p>That said, it\u2019s difficult to find a single politician in either party who bears more responsibility than Pelosi. She was a leader for years. <a href=\"https:\/\/thehill.com\/opinion\/campaign\/420760-pelosi-would-sabotage-progressive-agenda-with-pay-go-rules\/\">Talked a difficult game<\/a> About pay-as you-go rules in Congress, which were supposed to prevent new deficit spending. However, the U.S. government amassed an unprecedented amount of deficit expenditures under her watch.<\/p>\n<p>The process was aided by Pelosi\u2019s <a href=\"https:\/\/twitter.com\/justinamash\/status\/1486169720911020036\">Refusal of floor amendments<\/a> By her embrace <a href=\"https:\/\/spectator.org\/maybe-its-time-for-republican-voters-to-fire-mitch-mcconnell\/\">Bills for omnibus transportation are huge<\/a> It was not possible for congressional members to review this document.<\/p>\n<p>\u201cNo other Speaker, President, or Senate Majority Leader, can even come close to her indubitable record of deficit spending,\u201d Kentucky Rep. Thomas Massie <a href=\"https:\/\/twitter.com\/RepThomasMassie\/status\/1605033115449163776\">It is possible to contend<\/a>.<\/p>\n<p>This is something that many progressives will not admit to. They\u2019ll shrug off the anti-democratic process. They\u2019ll argue that passing Obamacare was a moral imperative and blame the debt on the government\u2019s 20-year excursion in Afghanistan (a war Pelosi <a href=\"https:\/\/www.washingtonpost.com\/history\/2021\/08\/17\/barbara-lee-afghanistan-vote\/\">Voted for<\/a>). They\u2019ll decry Republican tax cuts \u201cfor the rich.\u201d<\/p>\n<p>This is to be expected. Meanwhile, the country\u2019s debt-to-GDP ratio has reached <a href=\"https:\/\/www.usdebtclock.org\/\">122 percent<\/a>Higher than the maximum sustainable levelhttps:\/\/www.imf.org\/external\/np\/pp\/eng\/2011\/080511.pdf&#8221;>according To<\/a> Economists from the International Monetary Fund<\/p>\n<p>Despite the staggering numbers (and historical inflation), Washington continues to be a spending powerhouse.<\/p>\n<p>Then there&#8217;s the <a href=\"https:\/\/www.appropriations.senate.gov\/news\/majority\/chairman-patrick-leahy-d-vt-releases-fiscal-year-2023-omnibus-appropriations-bill\">$1.7 trillion<\/a> Many are pushing for the Omnibus Bill to be passed recently. \u201ccancel\u201d student-loan debts, a policy Pelosi <a href=\"https:\/\/theintercept.com\/2021\/08\/05\/student-debt-cancellation-nancy-pelosi\/\">Support<\/a> (though she did throw a wrench into the works by admitting the president doesn&#8217;t have the authority unilaterally to pass it). Medicare for All and universal preschool education are still high-priority goals. <strong>(READ MORE: <a href=\"https:\/\/spectator.org\/release-pelosis-tax-returns\/\">Release Pelosi\u2019s Tax Returns<\/a>)<\/strong><\/p>\n<p>That Democrats have no serious plan to pay for any of this doesn\u2019t seem to bother them. They seem content to pass on the bills to future generations. This is not socialism in the traditional sense, but it calls to mind French economist Fr\u00e9d\u00e9ric Bastiat\u2019s <a href=\"https:\/\/fee.org\/articles\/bastiat-liberty-and-the-law\/\">quip<\/a> That \u201cthe state is that great fiction by which everyone tries to live at the expense of everyone else.\u201d<\/p>\n<p>The costs of these policies may not be apparent to Americans, but they exist. The government spends currently <a href=\"https:\/\/www.pgpf.org\/analysis\/2022\/12\/higher-interest-rates-will-raise-interest-costs-on-the-national-debt\">$400 billion<\/a> It costs approximately $2,000 per year to finance interest on the debt. These are the costs <a href=\"https:\/\/www.pgpf.org\/analysis\/2022\/12\/higher-interest-rates-will-raise-interest-costs-on-the-national-debt\">Expected<\/a> By 2032, it will be $1.2 trillion annually<\/p>\n<p>\u201cWithin 10 years the federal government will spend more on interest costs than it has historically spent on R&#038;D, infrastructure, and education combined,\u201d Researchers at the Peter G. Peterson Foundationhttps:\/\/www.pgpf.org\/blog\/2022\/05\/interest-costs-on-the-national-debt-set-to-reach-historic-highs-in-the-next-decade&#8221;>concluded<\/a>.<\/p>\n<p>Americans were warned.<\/p>\n<p>George Washington <a href=\"https:\/\/www.google.com\/books\/edition\/America_s_Denouement\/FolcD4Sa6XYC?hl=en&#038;gbpv=1&#038;dq=%E2%80%9Ca+Public+Debt+is+a+Public+curse,%E2%80%9D+and+%E2%80%9Cin+a+Representative+Government+greater+than+in+any+other.%E2%80%9D&#038;pg=PA88&#038;printsec=frontcover\">Warning!<\/a> About the destructive nature and dangers of debt, he was joined at the event by James Madison and Thomas Jefferson. <a href=\"https:\/\/www.loc.gov\/collections\/thomas-jefferson-papers\/articles-and-essays\/selected-quotations-from-the-thomas-jefferson-papers\/#:~:text=%22I%2C%20however%2C%20place%20economy,the%20dangers%20to%20be%20feared.%22&#038;text=%22bigotry%20is%20the%20disease%20of,are%20the%20antidotes%20of%20both.%22\">Also known as public debt<\/a> \u201cthe greatest of the dangers to be feared.\u201d<\/p>\n<p>Pelosi&#8217;s problem is now solved. She\u2019s riding off into the sunset <a href=\"https:\/\/www.newsweek.com\/how-nancy-pelosi-net-worth-vastly-increased-while-house-speaker-1762361\">A very wealthy woman<\/a>.<\/p>\n<p>We don\u2019t know how future historians will view the former speaker\u2019s tenure, but it\u2019s safe to say that the founders would have viewed her legacy as a disaster.<\/p>\n<p><strong><i>Jonathan Miltimore manages FEE.org. His writing\/reporting is the subject of articles in\u00a0<\/i>Time\u00a0<i>Magazine, The\u00a0<\/i>Wall Street Journal<i>, CNN,\u00a0<\/i>Forbes<i>Fox News, and\u00a0<\/i>Star Tribune<i>.<\/i><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HNancy Pelosi is the official speaker You have been evicted After two decades of directing the political agenda for House Democrats, I was relieved from leadership last week There\u2019s no denying the historic nature of the California lawmaker\u2019s tenure, whose leadership began in 2002 when she became the first woman elected House minority whip. She\u2019d &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1804031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,5487,4185,4217,9323,3819],"class_list":["post-1804028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-debt","tag-legacy","tag-nancy","tag-pelosis","tag-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1804028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1804028"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1804028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1804031"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1804028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1804028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1804028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}