Ahh yes - stagflation. I remember that term from one of my college microeconomics courses. I was lucky to have a teacher who was a market economist (a.k.a. "supply sider") who was able to present the facts in a concise manner and let us make the decisions.
Stagflation started with Nixon when he instituted price controls in the early 70's. Ford and Carter continued the mistake, Reagan corrected the mistake in the early 80's - not without some pain.
You are correct- amybe I can give you more when I get back to a better PC! Rats! Bleeding typos!