Commentary While Beijing pretends that China’s debt problems are manageable, Washington pretends that the country’s building inflation problem will simply go away. The leadership of each country is kidding itself. This column has already described the dangers in China’s debt problems. America’s inflation presents dangers of a different kind. The data make it painfully clear that there is trouble. Claims that the price acceleration is “transitory,” issued variously by President Joe Biden, Federal Reserve (Fed) Chairman Jerome Powell, and Treasury Secretary Janet Yellen, have become a dark joke among financial professionals, business leaders, and the public generally. All the latest price measures tell similar and troubling stories. The Labor Department’s consumer price index rose 0.4 percent between August and September, almost 5 percent at an annal rate. So far this year, this broad measure of the cost of living has risen at better than a 6 percent annual rate, well …