Higher prices on manufactured goods — particularly intermediate goods that go into the assembly of cars, consumer electronics, manufacturing equipment and other products — have already shaved 72,000 factory jobs this year. In a world of high federal deficits and debt, lenders price in expectations of higher inflation risk. The MAGA economic policies that are resurrecting stagflation are right out of the old-school Keynesianism of the ’60s and ’70s. MAGA economic policies have always been inconsistent and subject to the whims of the president. But, words alone do not make an economic policy.