At the end of 1970, the USA had an annual inflation rate of 5.8% and today, the annual inflation rate is 8.3%. Source: https://inflationdata.com/inflation/Infl

At the end of 1970, the USA had an annual inflation rate of 5.8% and today, the annual inflation rate is 8.3%. Source: https://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx?dsInflation_current https://inflationdata.com/inflation/Inflation_Rate/Historica... That was considered such a problem that Nixon's economic team took some radical actions (wiki) > "Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II." In the current world, there's an additional major factor: exports of refined products (gasoline, diesel, jet fuel) and natural gas from the USA abroad, while very profitable for the refinery operators, are driving up prices domestically. Hence, another radical action that could be taken would be to raise export tariffs or actually ban these exports. This would drive down prices domestically and reduce the knock-on effects that high fuel prices have on delivery of food and other products. As far as Milton Friedman, that clown was never anything but a propaganda sock puppet for Wall Street, just like Alan Greenspan. Their idiotic theories gave rise to the 2008 economic collapse, and anyone recycling their discredited propaganda at this point in time is only making a fool of themself.