WASHINGTON — Elon Musk reposted a clip of economist Milton Friedman's speech concerning inflation on X with a "100%" emoji. The speech attributes inflation solely to U.S. government policy.

Friedman, who died in 2006, stated that "Inflation is made in Washington because only Washington can create money, and any other attribution to other groups of inflation is wrong." He further elaborated that "Consumers don't produce it. Producers don't produce it. The trade unions don't produce it. Foreign sheiks don't produce it. Oil imports don't produce it. What produces it is too much government spending and too much government creation of money and nothing else."

Senator Rand Paul posted the clip of Friedman's speech in October 2024, and it garnered over 50 million views on X. U.S. inflation peaked at 9.1% in June 2022, and by May 2026, it was 4.2% year over year. Since 2020, grocery prices in the U.S. have increased by 30%, electricity prices by 41%, and car repair costs by 63%.

Average weekly wages in the U.S. have risen 31% over the last six years. In March 2022, Musk commented on high inflation, stating that it is generally better to own physical assets like a home or stock in companies rather than dollars. The Tax Foundation estimates that tariffs could erase 70% to 95% of tax refund gains for middle-income households under the One Big Beautiful Bill Act. Oxfam reported that billionaire wealth increased by over 16% in 2025.