The 1970s and now: Inflation, an unbalanced economy, and tough choices

From the grocery store to the electronics retailer to the car dealership, Americans ask the same question: When will inflation go back down to normal?

The answer is hard, frustratingly so, because the economy looks and acts a lot like a playground seesaw. Although it’s constantly in search of balance, occasionally a bully jumps on one end, tipping it toward recession or high inflation. In most periods, there’s plenty of time to counteract each bully. Sometimes, though, there’s a run of them, one right after the other, making balance almost...