QOTD: Inflation

"Inflation is the cruelest tax."

I was trying to confirm the first person who actually wrote or said that (as opposed to quoting prior authors/speakers), to little avail.

I always thought it was Milton Friedman, but I cannot seem to confirm that it was he coined the phrase first (can’t find it online, anyway).

I did find a quote from a Fed Chair who actually took the punch bowl away, then kicked the dog , then, burned the house down to the ground to kill inflation: Paul Volcker. Volcker’s quote is as follows:

"Inflation is thought of as a cruel, and maybe the cruelest, tax
because it hits in a many-sectored way, in an unplanned way, and it hits the
people on a fixed income hardest.
"

But that wasn’t the quote I was looking for. Note that you will often see this quoted as "Inflation is the cruelest tax," occasionally attributed to Jimmy Carter.

Can anyone identify who first said this? You will earn my undying gratitude . . .

Category: Inflation

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