It's pretty clear that we aren't experiencing stagflation. In stagflation, the inflation rate has to keep increasing even as growth slows, and stagflation is specifically characterized by high unemployment and high inflation at the same time.

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Unemployment is low, inflation rate is decreasing as growth slows, and the inflation adjusted GDP is still growing. The only argument for stagflation is that everyone is lying about everything and that the government is controlled by lizard people.