That is just what we were told. There is very little truth in buying a less expensive cellphone cover or a less expensive pair of socks that inflation has been quelled.
We were in a disinflationary period prior to 2000 and then a potentially deflationary period, so printing was used to create the inflation. It was a purposely low inflation period of time.
Now we are in an inflationary period of demand side economics. Where marginally higher effective tax rates on the wealthy keep inflation down. Those monies can be used to do incredible things in building our industrial base, expand the middle class, and make the country wealthy. China is a non issue.