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→Political instability
Bruce Bartlett wrote:
Bruce Bartlett wrote:
{{cquote|It is true inflation fundamentally is a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve|Fed]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter], who didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse.<ref>https://heartland.org/opinion/ronald-reagans-fight-against-inflation/</ref>}}
{{Cquote|It is true inflation fundamentally is a monetary phenomenon. The inflation of the 1970s came about primarily because [[Federal Reserve|Fed]] chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by G. William Miller, appointed by [[Jimmy Carter]], who didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse.<ref>https://heartland.org/opinion/ronald-reagans-fight-against-inflation/</ref>}}
To an able-bodied person living on the dole with automatic "cost of living increases," the rate of inflation makes no difference. Whereas to a worker, saddled with the cost of supporting everyone who receives government support or subsidies, the dollar value of their labor to support themselves diminishes in real-time.
To an able-bodied person living on the dole with automatic "cost of living increases," the rate of inflation makes no difference. Whereas to a worker, saddled with the cost of supporting everyone who receives government support or subsidies, the dollar value of their labor to support themselves diminishes in real-time.