By December 2021, consumer prices were up seven percent on an annual basis, the highest in 40 years, while producer prices were up 9.6 percent, the highest since that statistic has been compiled. And the expectation of further inflation is now deeply embedded in the economy.

Regardless of this, the Biden administration is still pushing hard for its “Build Back Better” plan, which would add at least another $5 trillion to the national debt over the next decade. And President Biden has airily said that “Milton Friedman is no longer in charge.”

But unfortunately for the Biden presidency—and for the U.S. economy and the American people—Milton Friedman was right. Create too much money and you get inflation. We are witnessing the proof of that right now.