This might be pedantic, but stagflation doesn't describe our economy. Stagflation would indicate stagnant growth and too high inflation. Inflation is currently at 1.6% according to the BLS for the past 12 mo. If anything, that is a little too low due as the Fed's target is about 2%. Growth is also going the correct direction as the Fed is forecasting growth for 2016 of around 1.6-2%.

Does that mean the economy is perfect? Of course not, but stagflation probably isn't the right word either.