Milton Friedman once said that inflation is everywhere and always a monetary phenomenon.
But there are a lot of people who are suggesting today that inflation is going to be a result — not of printing money or spending too much money — but of Donald Trump’s economic policy.
This is wish-casting.
President-elect Trump is currently riding high. His approval ratings are in the high 50s, low 60s. People generally approve of his transition team’s plans. They like what they are seeing.
So, of course, the media are trying to crush his economic dreams. The idea being promulgated by the media is that inflation, which ate up the Biden administration, is now going to plague the Trump administration.
This is ironic, since we were told by the exact same media that inflation was not going to be a factor for Biden when he took office.
We were told that modern monetary theory — Elizabeth…
