NOW THAT I’VE BECOME MY GRANDFATHER, I can legitimately complain that a dollar isn’t worth what it used to be. I suffer from permanent, recurring bouts of that well-known chronic malady: sticker shock. Everything from cereal to cars, from an ice cream cone to a modest home, costs more each day. Perhaps one reason for that is that the Bureau of Engraving & Printing (BEP) in the U. S. Treasury Dept. continues to print money.
The amount of currency printed by the BEP each year is determined by the Fed, which then submits an order to the BEP. The Fed then distributes that currency via armored carrier to its 28 cash offices, which then further distributes it to 8,400 banks, savings and loans and credit unions across the country. For the 2020 fiscal year, the Fed's Board of Governors ordered 5.2 billion Federal Reserve notes—the official name of U.S. currency bills—from the BEP, valued at $146.4 billion.
Every time the Fed floods the country with more currency, all the bills already in circulation are worth less. I’m certainly no economist, but common sense dictates that if Sally bakes a batch of cookies, each cookie in a batch of 48 will be worth less than if the batch only had five in it, unless of course people are willing to pay the higher price for the cookies in the big batch, in which case you have cookie inflation.
Since I can remember gas at 30 cents a gallon, Cheerios for 33 cents a box, and my first brand new car that cost $1,800, I suffer from permanent sticker shock syndrome (SSS).
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