Critical review of the possibility of returning to stagflation in the U.S. in 2024

In May, 2024, the U.S. Federal Reserve announced that while inflation remains relatively high and economic growth has slowed, there has been no Indication of stagflation. However, the news media have used the term “stagflation” with increasing frequency in relation to the United States economy. While there is ample evidence that causes of stagflation are observable, the academic article on the subject has not moved beyond discussing the possibility of stagflation in 2024. Specifically, there is a relative lack of research that explores why the U.S economy will face stagflation possibly in 2004. This article-review posits that stagflation returned in 2024 or stagnation will return in 2024 by reviewing articles in relation to 1) the causes of stagflation, 2) the World Bank's 24-Year Global Economic Outlook, 3) the collapse of international monopoly capitalism and the US response to the US industrial protection policy and 4) the paradox of the dollar's key monetary system.