The US economy looks stuck in stagflation — high inflation, weak growth, and job losses at once — which is bad news for workers, borrowers, and the government's budget.

• Oil is climbing again because the standoff with Iran keeps blocking shipping through the Strait of Hormuz, and there is still no deal.
• Jobs are being lost and wages are now rising slower than prices, so people are actually falling behind.
• The war is being blamed for the higher prices and weaker job market, sold as a cost worth paying.
• US debt is nearing $40 trillion, and if interest rates stay near 5%, interest alone could cost $2 trillion a year.
• The oil reserve has dropped to its lowest level since 1983, raising the risk of real fuel and diesel shortages heading into winter.

Outlook: Without an Iran deal or lower rates, oil prices and living costs are expected to keep climbing while jobs and growth stay weak.