How Biden’s Agenda Is Causing Inflation

Back in the ’70s, Friedman likened the early stages of inflation to alcoholism. Politicians get to spend more money, tax revenues increase without passing new legislation, and some consumers feel like they are gaining purchasing power as their wages go up. “Inflation is just like alcoholism,” he warned. “In both cases, when you start drinking or when you start printing too much money, the good effects come first and the bad effects come only later. That’s why in both cases there’s a strong temptation to overdo it, to drink too much and to print too much money.”

Here’s a final insult: Even the price of booze is going up, so not only will we have more sorrows, it’s going to cost us more to drown them.

via reason.com

Inflation is a complicated topic. But for a popular understanding, you can do worse than to be against all this unrestrained Fed “money printing” (which isn’t exactly money printing). Even the Krugmaniac is sounding uncertain in his latest screeds about what is going on. I think of it as being like driving fast down a foggy mountain road. You might die or you might not, and you hope for the latter.