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. https://i.nostr.build/5JWYZ5ym0aOunkCZ.jpg