The excess personal income from the helicopter money is equal to the total growth in consumer prices from 2020 to 2022

 In our previous post, we presented arguments in favor of a long deflationary period in the USA starting in 2023. There was one estimate to be clarified in order to better understand the connection between the total gain in the consumer price index in 2020 and 2021 and the helicopter money injected into the US economy during the same period. As we estimated, the CPI increased from approximately ~260 in 2020 (before the start of the inflation growth period) to ~295 in 2022 (before the end of the inflationary period). A crude estimate of the total price increase during the inflationary period gives 15%.  In 2021, fifteen percent of the nominal GDP makes approximately 3 trillion US dollars. The amount of helicopter money injected into the US economy between 2020Q2 and 2021Q3 can be estimated as the excess of personal income, PI, during the same period relative to the average PI share between 2012 and 2019 which is 86%. The helicopter money excess is 2.9 trillion. This money is likely the source of price inflation, and the most likely the only source of inflation.