President Biden recently said that the taxpayers will not suffer any losses as a result of the SVB and Signature Bank collapses. I'd like to offer a slight correction on the president's remarks.

The bailouts resulting from these collapses will come from the Federal Reserve's money spigot. Sure, the depositors will be made whole, but the purchasing power of the dollar will drop. No nominal losses will be immediately incurred by the taxpayers. However food, water, energy, and materials will become more expensive. Over the next few years, there will be nominal AND real losses due to increased prices. The president is either ignorant or lying. My bet is on both.