The Coming Economic Nightmare
Trump’s tariffs could cause stagflation for the first time in decades. It may go on for a long, long time.
I remember the little stickers on restaurant menus.
In the 1970s, it cost much more to print a menu than it does today. Restaurants did not change them often. When prices rose, they’d retain their old menu—but affix little stickers with the new, handwritten prices atop the previous ones. When prices rose especially rapidly, the stickers accumulated in stubby columns rising up from the menu. A bored child might scratch off all the stickers with a fingernail—and, like a young archaeologist, reveal a lost world.
