The Economic Times

Money Quote of the Day by Milton Friedman: Inflation is taxation without legislation. Why the Nobel Laureate warned about hidden costs and government-driven wealth erosion

Money Quote of the Day by Milton Friedman: Inflation is taxation without legislation. Milton Friedman warned that inflation is a hidden tax on your savings. Today, global tensions and new tariffs are driving prices higher. US inflation sits near 3.2%, squeezing every household budget. Geopolitical shifts in the Middle East further threaten energy stability. Friedman was an American economist, a leader of the Chicago School, and the 1976 Nobel laureate in economics. He changed modern macroeconomics with clear, testable propositions about money, consumption and policy.