The White House continues to insist that inflation will soon subside and the US will return to pre-coronavirus prosperity. But the Biden administration's regulatory agenda virtually ensures that the post-pandemic economy will never be the same. The growing regulatory burden imposed by Mr Biden's executive orders, his regulators' open hostility to the US economic system and a return to progressive era antitrust enforcement will restrain growth. All the ingredients to turn current inflation into stagflation will be present.