On the recordMarch 2, 2022
I would like to comment a little bit on the speech last night and some of the issues that have been ignored and should be addressed and some of the issues that were given such short shrift it was almost comical. The first issue I would like to address is inflation. Next time I should get my own billboard here. But if you look at M2, which is one measure of the monetary supply, in the 1970s--and I am old enough to remember the 1970s when inflation was really a horrible thing and something that we were never supposed to repeat--M2 was going up at a rate of about 7 percent year over year. We now are up about 37 percent year over year. I mean, if you look at a graph, it is shocking the degree to which the Federal Reserve is just flooding money into our system. Of course, a major reason why they have had to do this is wildly excessive spending, because if you have excessive spending and foreign governments do not want to buy your debt, and who would want to buy your debt, you wind up with no alternative but to degrade the value of the dollar. I thought it was particularly amazing that the President said or told businesses that you have to ``lower your costs,'' meaning that we shouldn't reduce wages, which is fine, but like it is an easy thing to lower your costs. I wonder, has President Biden ever actually talked to the businesses who are raising their prices?…
