WATCH: Wealthy Democrat Senator Brags About How Gas Prices Don’t Affect Her; As Gas Prices Break Records, World Bank Warns of 1970S-style ‘Stagflation’

By Townhall. During Tuesday’s Senate Finance Committee hearing to discuss “The President’s Fiscal Year 2023 Budget,” Sen. Debbie Stabenow (D-MI) displayed just how tone-deaf she is on gas prices affecting her constituents when she bragged about driving an electric car. When it comes to the price at the pump, Sen. Stabenow said, “It didn’t matter how high [the price] was.”

“After waiting a long time to finally have enough chips in this country to finally get my electric vehicle, I got it and drove it from Michigan to here this last weekend and went by every single gas station, and it didn’t matter how high it was,” Sen. Stabenow said about gas prices. “And so I’m looking forward to the opportunity for us to move to vehicles that aren’t going to be dependent on the whims of the oil companies and the international markets,” she continued.

Our friends at Twitchy highlighted some of the best responses to Stabenow’s remarks.

AAA’s map of gas prices shows that Michigan is facing some of the highest gas prices in the country, with the average price of gas in the state costing $5.171 a gallon. (Read more from “Wealthy Democrat Senator Brags About How Gas Prices Don’t Affect Her” HERE)

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As Gas Prices Break Records, World Bank Warns of 1970S-style ‘Stagflation’

By Newsweek. As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.”

The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the World Bank issued its latest Global Economic Prospects report—which compared current economic conditions around the world with those during the “stagflation of the 1970s,” spelling potentially bad news for the global economy due to issues including fiscal damage caused by the COVID-19 pandemic and the Russian invasion of Ukraine.

“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth,” World Bank President David Malpass said in a statement. “For many countries, recession will be hard to avoid. Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.”

However, it was also noted that the current economy differs from that of the 1970s in several important areas, including the U.S. dollar currently being strong, smaller percentage increases in commodity prices, strong “balance sheets of major financial institutions” and better controls on price stability through central banks and a track record of meeting inflation targets. (Read more from “As Gas Prices Break Records, World Bank Warns of 1970S-style ‘Stagflation’” HERE)

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