Do you recall also how almost no one asked where all that free money was coming from? It was as if most everyone thought that the federal government had saved all that free money under its bed, available for use in an emergency.

It was done through borrowing and monetary expansion — also known as inflation — by America's central bank, the Federal Reserve. In essence, they print up those trillions of dollars in free money that is disbursed to the citizenry. In the process, they are inflating — or expanding — the money supply.

The increase in the supply of money reduces its value. That reduced value is reflected in higher prices for the things that people buy.