Commentary Anybody remember the late 1970s, when high inflation joined forces with rising unemployment and slow growth in the U.S. economy? The word for that was “stagflation.” We haven’t heard about it for nearly 40 years—until now. Back then, stagflation caused so much consumer angst that President Jimmy Carter lost in a landslide election to Ronald Reagan in 1980. The latest GDP forecast from the Atlanta Federal Reserve Bank through the end of February—that is the first two months of 2022—is a snail’s pace rate of 0.6 percent. That’s economic anemia. And that was BEFORE the Russian invasion of Ukraine and the economic chaos that has caused. Now, combine that with the dreadful price inflation. Over the past 12 months, we’ve had consumer prices rise by 7.5 percent and producer prices rise by roughly 10 percent. Grocery prices are up more than 12 percent and energy costs have jumped by …