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Since the pandemic began a year ago, the term “new normal” has become part of the American lexicon. Not “new” as in better or improved. But rather “new” as in contrast to the way things used to be. Much of the mainstream discussion argues that returning to the “old” normal isn’t likely to happen. Things like pre-pandemic employment, closer-to-normal price inflation, and less economic uncertainty just aren’t on the map. The Street summed it up generously as: “Numerous chain reaction ripple impacts will delay the economic recovery.” Some of these “ripple effects” were in motion long before the pandemic hit.

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