Yes, she’s THAT shameless.
Nancy Pelosi is trying to take credit for plummeting container freight rates, saying the Ocean Shipping Reform Act that President Biden signed into law in mid-June is somehow the catalyst for these lower prices.
“Two weeks ago, Democrats took action to bring down inflation for US consumers by taking on shipping cartels that raised their rates by up to 1000% over the pandemic,” she tweeted. “Since the bill was introduced, rates have gone down steadily — even faster since it became law. #DemocratsDeliver“:
Two weeks ago, Democrats took action to bring down inflation for US consumers by taking on shipping cartels that raised their rates by up to 1000% over the pandemic.
Since the bill was introduced, rates have gone down steadily — even faster since it became law. #DemocratsDeliver pic.twitter.com/zWkRXJpQ8R
— Nancy Pelosi (@TeamPelosi) June 28, 2022
Um, prices are down because we’re likely in a recession. Who wants to tell her?
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You’re taking credit for <checks notes> a consequence of the impending recession? That’s a bold play.
— schmeez (@schmeez_) July 1, 2022
Keep in mind, it’s not us saying we’re likely in a recession. It’s data from the Atlanta Fed that says we’re likely in a recession:
Atlanta Fed's GDPNow model dragged down further to -2.1% for Q2https://t.co/vzWtjY1dEe
— Mollie (@MZHemingway) July 2, 2022
And, boy, is it weird that the websites that cover the shipping industry are crediting Democrats for the “bearish signals”:
Asia-US container shipping rates are flashing two bearish signals
Drewry: Spot rates below 2021 levels. Xeneta: Spot rates below contract rateshttps://t.co/0Leualuy8S
— Ophir Gottlieb (@OphirGottlieb) June 25, 2022
She’s shameless to think this drop in freight costs has anything to do with Democrats:
"Bed Bath & Beyond said it would work aggressively' to clear out excess inventory (which means a ton of price cuts – remember the $AMZN Prime day kicks off in a couple of weeks, and a slew of other retailers will hold competing sales extravaganzas)." – @knowledge_vital $BBBY
— Carl Quintanilla (@carlquintanilla) June 29, 2022
And it’s cute that Pelosi tries to say even the bill being introduced in Congress led to the decline:
Rate for shipping a 40ft container from Shanghai to Los Angeles has now fallen by 38% pic.twitter.com/zdf1RsCnKp
— Liz Ann Sonders (@LizAnnSonders) June 30, 2022
Politico’s Alex Daugherty called her out for using “cherry-picked data”:
Important context from @alextdaugherty on Pelosi’s cherry-picked data here: Containers shipping out from U.S. ports to Asia are MORE expensive than they were 2 weeks ago.
A 40-ft. container going from the West Coast to East Asia rose from $827 to $962 in the last month. https://t.co/hSvnhjQJCi
— Tanya Snyder (@TSnyderDC) June 29, 2022
Gird your loins, people. It can get worse:
Shipping rates continue to follow not just a disinflationary trajectory, but in fact a deflationary trajectory.
h/t @JeffreyKleintop
🧵/38 pic.twitter.com/6ZKgIfvdc6
— Ophir Gottlieb (@OphirGottlieb) June 30, 2022
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