We have been methodically conditioned to assume constants that are actually variables. When considering new data one must begin by dumping previous assumptions completely. Ye must be born again. Any computation arrived at from erroneous assumptions, no matter how seemingly irrelevant, will be erroneous.
Friedman's monetarist equations loaded velocity as a constant when it never is and assumed full employment when describing inflation. As it turns out, inflation is almost impossible to create in sovereign currency economics without full employment, which we haven’t seen since WWII. His methodology served the purpose of giving the upper hand to business over labor, and so it was promoted as gospel, even in academia. Productivity and resources are much more important to inflation than the money supply, but the damage was done and America has conflated its own only income source with a “cost” item. As it cuts the costs of government it cuts its own income and reduces capacity for productivity, which does cause inflation and also increases unemployment, so the misery factor builds upon itself.