The White House continues to insist that inflation will soon subside and the US will return to its pre-coronavirus prosperity. But the Biden administration’s regulatory agenda virtually ensures that the post-pandemic economy will look nothing like the one before. The growing regulatory burden of Mr Biden’s executive orders, his regulators’ overt hostility to the US economic system, and a return to progressive-era antitrust enforcement will inhibit economic growth. All the ingredients to turn current inflation into stagflation will be present.