Heat a medium to large skillet over medium-high heat, add the ground beef, break it up into small pieces, and brown for 8-10 minutes or until the ground beef is no longer pink. Remove from heat and set aside. 

In a medium to large sauce pan, cook the bacon over medium-high heat until it reaches your desired level of crispiness. Remove the bacon from the pan and set aside to drain on paper towels , reserving 1 tablespoon of the drippings. 

 In the same sauce pan with the bacon drippings, stir in 1 cup of water, potatoes, onion, bouillon, and thyme. Bring it all to a boil, reduce heat, and simmer covered for 10-15 minutes or until the potatoes are fork tender, stirring occasionally. With the back of a fork, or a potato masher, give the potatoes a slight smash. 

Whisk together the milk and flour until smooth and pour it gradually into the potato mixture. Simmer and stir until the mixture begins to thicken. Stir in the ground beef and pepper. Bring everything back to a boil and cook 1-2 minutes until everything is heated through. 

Sprinkle each serving with crumbled bacon. Enjoy!