On this Elon/Trump talk, Trump just said “we would have no inflation” if not for Biden. This is false.
I think it’s important to clarify that there *was* massive inflation during Trump’s administration.
From January 2017 to January 2021, the M2 money supply increased from ~$13.3 trillion to ~$19.4 trillion by January 2021.
That’s an INFLATION of ~$6.1 trillion, or ~45%.
There is a LAG between monetary inflation and general price increases throughout the economy, and price increases do not happen uniformly (look up the Cantillon Effect).
To clarify for the partisans out there: this is NOT an attempt to make excuses for Biden or to say that the monetary and fiscal policies under Biden are good; they are not good.
The point is that it is false to say “there was no inflation” under Trump.
Monetary inflation *is* inflation.
I think it’s important to clarify that there *was* massive inflation during Trump’s administration.
From January 2017 to January 2021, the M2 money supply increased from ~$13.3 trillion to ~$19.4 trillion by January 2021.
That’s an INFLATION of ~$6.1 trillion, or ~45%.
There is a LAG between monetary inflation and general price increases throughout the economy, and price increases do not happen uniformly (look up the Cantillon Effect).
To clarify for the partisans out there: this is NOT an attempt to make excuses for Biden or to say that the monetary and fiscal policies under Biden are good; they are not good.
The point is that it is false to say “there was no inflation” under Trump.
Monetary inflation *is* inflation.
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