America’s baby-formula shortage has gone from curious inconvenience to full-blown national crisis. In many states, including Texas and Tennessee, more than half of formula is sold out in stores. Nationwide, 40 percent of formula is out of stock—a twentyfold increase since the first half of 2021. As parents have started to stockpile formula, retailers such as Walgreens, CVS, and Target have all moved to limit purchases. The everything shortage isn’t new. But rationing essentials for desperate parents? That’s a twisted turn in the story of American scarcity. Three factors are driving the U.S. baby-formula shortage: bacteria, a virus, and a...