We grow numb to fresh reports of bad economic news. So much so that an increase in joblessness, like the one this morning, doesn't really shake anyone up the way it used to. We hear, more and more, that high unemployment is the new normal and that we may as well get used to it.
But today we get a bonus. On top of more joblessness, we get higher prices. They had a name for that back in the days of Jimmy Carter. It was called "Stagflation."
We may be hearing it again ... and a lot.