McCarthy: Pelosi 'may not feel' inflation because her husband made $5 million on tech stock

"We've watched inflation grow based upon what the Democrats have done," House GOP Leader McCarthy says.

Published: July 29, 2021 12:02pm

Updated: July 29, 2021 2:25pm

House GOP leader Kevin McCarthy argued Thursday that Democrats' policies are driving inflation, adding that House Speaker Nancy Pelosi "may not feel" its effects in her life.

"We've watched inflation grow based upon what the Democrats have done. Pelosi may not feel it because her husband just made $5 million in a month buying options on technology stock while Congress debated it," McCarthy said during a press conference, referring to Congress debating anti-trust measures.

Bloomberg News reported on the recent stock buys for Pelosi's husband, Paul Pelosi.

"Nancy Pelosi’s July 2 financial form included that her husband had on June 18 exercised call options to acquire 4,000 shares of Alphabet at a strike price of $1,200," read the Bloomberg report. "The trade netted him a $4.8 million gain, and it’s risen to $5.3 million since then as the shares have jumped."

On the McCarthy's argument about Democrats' policies worsening inflation, Republicans say President Biden's $1.9 trillion American Rescue Plan Act injected too much money into the economy after roughly $5 trillion had already been spent during the COVID-19 pandemic.

Republicans also often point to the law's continuation of a $300 federal jobless bonus on top of state benefits as a contributing factor to the labor shortage in certain industries. Democrats have said the rescue plan was needed for the economy to recover.

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