And you'd be wrong. It's not even difficult to understand why. Uncontrolled inflation is bad. Deflation is much, much worse. You do not want deflation. It rots your economy and nukes lend and spend. We trade a small amount of inflation to avoid the nuke that is deflation.
This is, like, one of the few things economists -- even most of the crazy ones -- agree on.
That's an oversimplification. Demand-side deflation can be bad for the economy, but it's also because our modern economies are basically reliant on inflation to manage our insane debts. Typically, critique of inflationary principles is coupled with a broader critique of MMT and how our economies are run. Deflation is fine or even beneficial when it comes from increased productivity (supply-side). Heck, we have deflation in some sectors of our economy (eg. technology) and consumers greatly benefit from it. Unfortunately the good type of deflation we see in our economies is overshadowed by the money printer going brrrrrrr.
Deflation is bad for the elites and politicians, and good for consumers. When the former are running the show, of course they will claim that deflation is the worst thing ever, despite the immense harm inflation inflicts on the average person. And if you spend like 5 minutes pondering the justification for why that is, you'll see it's mostly BS.
> Deflation is bad for the elites and politicians, and good for consumers.
Hahahaha no. Other way around. I assume you meant "consumers" as a short hand for "normal people" and not its actual meaning of "people who need to buy things on a regular basis" because you do not want to be a consumer in a deflationary market. You're constantly having to piddle your wealth away because you're forced to exchange money for goods and services. Like food and shelter.
Deflation means no access to modern lending because there's no incentive to do anything with money except hold it. That's fine if you're already wealthy, because either you have it on hand, have assets for collateral, or can call in a favor. If you're not wealthy, you're just fucked.
Having easy access to debt is, overall, a phenomenal thing for the non-wealthy. Can you abuse it? Yup. Can it be predatory? Sure. Does it mean the average person gets access to capital without access to generational wealth or decades of saving? Absolutely. The middle class kind of doesn't exist without it. See also: The Ability to File For Bankruptcy is Good, Actually.
> And if you spend like 5 minutes pondering the justification for why that is, you'll see it's mostly BS.
I'm always a fan of examining things, but there's a prerequisite. You need enough education, critical thinking skills, and maturity to understand why you start at the null hypothesis: any "Secret Knowledge They Don't Want You To Know" theory is conspiracy bullshit.
And enough cynicism to know when people start talking about "elites and politicians" like they're one homogenous lump of evil agenda, it's usually a shibboleth for other, ah, less socially acceptable beliefs.
This is, like, one of the few things economists -- even most of the crazy ones -- agree on.