Except our inflation isn't particularly high at the moment in the US, we were undershooting our 2% target for a while then the Fed printed a bunch of money (because they can't bring the Fed Rate below the IOR Rate) and now we're on target again.
EDIT: The fact that we could print money to get out of debt if we needed to is a big part of why we don't need to, though.
EDIT: The fact that we could print money to get out of debt if we needed to is a big part of why we don't need to, though.