The final word on the cause of inflation was delivered, in the view of many, by Nobel prize-winning economist Milton Friedman.
To help keep the economy afloat during that time, the Federal Reserve increased its balance sheet to nearly $9 trillion to facilitate more loans and other rescue programs.foretold, all that money flooding into the economy caused inflation, said E.J. Antoni, an economic researcher at the conservative Heritage Foundation.
Mr. Trump added about $6.7 trillion to the national debt over four years, a 33% increase. But inflation never rose above an annual rate of 2.9% during his presidency. Mr. Antoni said that’s partly because it takes time for the extra money to have an impact on supply and demand forces, and partly because the economy had been growing robustly before the pandemic hit in early 2020.
David Winston, a longtime adviser to congressional Republicans, has devised a “presidential inflation rate” indicator that ranks recent presidents on how well they tackled inflation. Using statistics from the Bureau of Labor, the Winston Group calculated that overall prices have increased 15% under Mr.In an article in The Hill, Mr. Winston said at the same point in their presidencies, Mr. Trump had an inflation rate of 4.1%, President Obama had a rate of 4.8% and George W. Bush had a rate of 4.
“As opposed to too much money chasing too few goods, it’s too much debt chasing too few goods,” Mr. Cochrane said. “At bottom, it is not about money as a special asset distinct from bonds. It is about the value of government liabilities.”
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