The latest month-by-month inflation chart from one of our economic chart makers, Jeff Chasney, shows moderate inflation of less than 3% so far in Trump’s second term. (We want to nudge that down to the Fed target of 2%.)  The big bulge of 9% inflation under Biden corresponded with the $4 trillion post-COVID spending binge.

What’s the lesson? Printing money and dumping it out of helicopter windows isn’t “free.”