For a second consecutive month, the unemployment rate has fallen, this time to the near 54-year low of 3.5%. Despite the Federal Reserve tightening interest rates at the fastest clip in 40 years, the labor force participation rate has plateaued at 62.6% for a fifth month in a row. The numbers tell a very clear story. Despite the fulmination of pro-inflation Democrats like Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT), the Phillips curve positing a trade-off between unemployment and inflation is a false dichotomy in the long run, especially in an aging economy stagnated by a bloating welfare state like ours.