Former House Speaker Nancy Pelosi (D-CA) blasted President Donald Trump over his tariff policy last week, warning that it could result in serious economic damage for American families. She also invoked Republican icon Ronald Reagan to drive home her point.
“President Trump’s senseless tariffs will drive prices higher, drain retirement savings and push us to the brink of recession,” Pelosi posted on X just days after Trump’s so-called “Liberation Day.” She described the situation as a “self-inflicted disaster” and accused the Trump administration of tanking the economy through what she called “flagrant ineptitude.”
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Referencing Reagan
To reinforce her message, Pelosi quoted Reagan: “We should beware of the demagogues who are ready to declare a trade war against our friends – weakening our economy, our national security, and the entire free world – all while cynically waving the American flag.” She added, “President Reagan's words were true then and they're true today.”
She also urged Republicans in Congress to reconsider their support for Trump's trade agenda.
Medicaid Cuts and Tax Breaks for Billionaires
Just weeks earlier, Pelosi took aim at what she called a “tax scam” by “extreme MAGA Republicans” that she claims is designed to slash Medicaid in order to fund tax breaks for billionaires.
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“Extreme MAGA Republicans revealed their tax scam to raid Medicaid to give more tax cuts to billionaires,” she shared on X. “But we can stop them! We’ve done it before — we saved Social Security in 2006, the Affordable Care Act in 2018 and we’ll stop them now to save the ACA, Medicare and Medicaid.”
Pelosi described Republican efforts in Congress as “unbearable for people on Medicare and Medicaid,” and called for public pressure to stop the cuts, urging “outside mobilization.”
The Trump administration’s agenda has been stalled in Congress because of internal Republican disagreements on how deep the cuts to Medicaid should go.
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Broader Context and Fallout
The debate over tariffs and spending cuts comes amid other major moves by the Trump administration. A temporary freeze on federal grants and loans has put $3 trillion in funding under review. Around the same time, the Medicaid website experienced an outage, which the White House blamed on a technical issue.
The Department of Government Efficiency, headed by Elon Musk, has also begun auditing the Centers for Medicare and Medicaid Services, with Musk claiming there is “big money fraud” in the system. The agency is under pressure to cut at least $1 trillion in federal spending.
Pelosi’s Market Losses
As the policy and tariff debates play out, Pelosi’s personal finances are also drawing attention. According to Quiver Quantitative, she has lost $12 million in the stock market over just two days, including a $4.5 million drop on April 4 alone.
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