Why America seems destined for stagflation

The Labor Department last week reported that first-time unemployment claims hit their highest level since last November, back when the Delta variant was first giving way to Omicron. That, as inflation hit 9.1% in June, and wholesale prices surged 11.3%.

Welcome (back) to stagflation — a nasty combo that last hit under President Jimmy Carter, back when Joe Biden was a young senator.

Applications for jobless benefits for the week ending July 16 spiked to 251,000, a jump of 7,000 over the prior week. Since April, new claims have risen...