1. A Brief Timeline:
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| Key dates behind the Biden inflation |
| Friday, March 13, 2020: | 313 days before the Biden inauguration |
| Wednesday, January 20, 2021: | The day of the Biden inauguration |
| Thursday, March 4, 2021: | 43 days after the Biden inauguration |
| Thursday, March 17, 2022: | 421 days after the Biden inauguration |
For Jerome Powell's inflation warning of March 4 2021 see the Wall Street Journal Jobs Summit video.
2. Following Milton Friedman:
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| The Quantity of Money Relative to Output (MRTO) and the CPI |
Quotes below from Milton Friedman on the Quantity of Money and the Lag from mine of October 12, 2024:
From Tim Doescher at Heritage:
Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
From W. Lee Hoskins at Cato:
Friedman (1960) provided the well-known argument that attempting to stabilize the price level directly might in practice destabilize the economy because of the long and variable lag with which monetary policy acts on prices.
So I'm not quite sure how it got to be the Biden inflation.
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