The unemployment rate was at multi decade lows in 2019 but we did not have high inflation. We also had very low unemployment in the 90s and high labor participation rates and had relatively low 2-3% inflation.

We only saw high inflation after a year of worldwide Covid insanity, driven by cheap and abundant liquidity coupled with peak globalism (that is now in decline on an absolute basis, exacerbated by the Russia sanctions) coupled with global supply chain & labor shortages (some of which is generational demographics catching up to us)