Because we use inflation (and unemployment) numbers as bellwethers and markers for policy, we have changed how they are calculated over time. If you look at the

Because we use inflation (and unemployment) numbers as bellwethers and markers for policy, we have changed how they are calculated over time. If you look at the formulas used in the 70s, 80s and now you'll find that they are not the same. As Goodhart's Law says, “When a measure becomes a target, it ceases to be a good measure.” Note: we do this with all kinds of statistics, just look at police reporting on felonies. Too many? Just charge misdemeanors for the least violent crimes and all of a sudden you have reduced violent felonies by 20% in just one year!!!! We've been having inflation for years but we just don't measure it in a way to see it. Take average household spend on healthcare, education, housing, food in 2010 and in 2020 and there will it is pretty hard to argue inflation wasn't already here. Now, we've dumped trillions to prop up the markets and inflation is starting to "officially" appear despite the new calculations. What's worse, is that the trillions aren't even being used to increase GDP or build infrastructure for future growth. It is only gone to create even bigger asset bubbles in housing and equities. I don't think the Fed can unroll this money and actually I think they have decided that they won't even bother to try. We are living in a monetary experiment and we'll find out in the next few years if MMT can really save us or not.