Earlier quoted context omitted.
messaging is hard when prices never went down… you can’t send economist/finacial times article explaining what biden was able to pull of (albeit the raising deficit) to a farmer in oklahoma who is paying 80% more for his groceries…
> messaging is hard when prices never went down… The opposite of inflation (when prices go up), deflation (when prices go down) is never a good thing. But explaining that a bit of inflation is a good thing is something all economists agree on but most normal people can't understand. The fact that velocity should always be positive, and that "lower inflation" means lowering the rate of price growth, not deflation, is…
Deflation, in the abstract. is about as good or bad as inflation. Slightly better because a serious deflationary crisis is much less damaging than an inflationary one. You go to https://en.wikipedia.org/wiki/Deflation#Historical_examples and it is a whos-who of countries who then went on to be successful and prosperous and a few TBDs in the 2010s - there might be examples of catastrophic deflation but they haven't made it to Wikipedia yet.