Three possible economic scenarios include recession, stagflation or expansion. (Dreamstime/TNS)

The clinical psychologist Jordan Peterson has said that you can bend reality only so far before it snaps back at you. In short, bad actions always ultimately have negative consequences.

America is living through the economic equivalent of this principle right now. For a year and a half, the federal government has spent, borrowed and printed trillions of dollars while simultaneously pursuing an anti-energy agenda. The result is stagflation.

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E.J. Antoni is a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation and a senior fellow at Committee to Unleash Prosperity.

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