The clinical psychologist Jordan Peterson has said that you can bend reality only so far before it snaps back at you. In short, bad actions always ultimately have negative consequences.
America is living through the economic equivalent of this principle right now. For a year and a half, the federal government has spent, borrowed and printed trillions of dollars while simultaneously pursuing an anti-energy agenda. The result is stagflation.
The term stagflation — first coined during the economic doldrums of the 1970s — refers to the combination of stagnant economic growth and inflation, both of which are afflicting the American economy today. The economy shrank in the first three months of the year, and did so again in the second quarter.
