production function and you're overusing debt, you generate the law of diminishing returns, which is deleterious effect. And the increases in money that the place in that time period were not excessive. In fact, that you would call them generally normal and they were more than offset by a downturn in velocity. And so the net effect was that the inflation rate came down and so did inflationary expectations and interest rates. During the pandemic, what we basically did is we pushed money growth far outside the bounds of normality. And it led to, you know, 9 to 10 percent inflation rate there in 21 parts of 22. And the economy did better for a little bit. But ultimately, inflation is so hurtful to so many people that the Federal Reserve had to reverse themselves, which is what they're now doing. And even with the six trillion dollars of debt that was taken on during the pandemic, that did not bring the rate of growth in real per capita income back to the trend line, just brought it back (27/41)
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