"Millions of young males have left the workforce and civic life. Full employment? The U.S. isn’t even close."
If the USA is not close to full employment, then the USA does not have to work about inflation. And yet, in other commentary, the Wall Street Journal has been obsessed with the risk of inflation, for many years now. They have urged the Fed to raise rates to head off a surge in inflation. But if there is hidden unemployment, then rates can remain low longer, with little risk of inflation.