I think 5% is pretty much the frictional rate of unemployment. If we push it down below that, we will see some inflation.
Just imagine what "real" tax reform would do.
If they did it right, we would see "Tiger" growth rates, and small businesses explode.
Still, for a "developed" economy to have this much growth, this level of unemployment and this level of inflation is pretty rare today, and has been pretty rare since ww2.
Yes, as my macro-econ course taught me last semester.