The White House continues to insist that inflation will soon recede and that the United States will resume the boom before the C O V I D-19 outbreak. But the Biden administration's regulatory agenda actually ensures t hat the economy after the epidemic will be completely different from before. Biden's executive order will bring an increasing regulatory burden, the open hostility of his regulators to the U.S. economic system, and the return to the anti-monopoly law enforcement model in the progressive era, which will curb economic growth. All the factors that turn current inflation into stagflation will appear.