Aren’t Americans too “spendy” to have that happen here? The main driver of the stagflation in Japan is that they’re too thrifty - their stimulus are literally expiring credit cards, forcing people to spend money.
Japan is in demographic decline. The US keeps growing demographically, but it does because of immigration. If the US has less immigration the chances improve that it will stagnate economically like Japan.
I don't know if any of the things I am describing are good or bad. But a lot of our assumptions about how the US economy "always" is are based on 300 years of population growth.
Japan, on the other hand, is an island...
Japan wasn't always thrifty. This was a cultural change induced by the bursting of the bubble.
A generational cultural change could just as easily happen to the USA too.