Are you in the US? Then perhaps you realize that the greatest period of growth in the US coincided with constant deflation (second half of XIX century)? That was when the nation was running consistent surplusses (both at individual and state level), there was plenty of money for investment (real money, coming from savings, not from debt), many social issues were non-existent (drug user? - die in hell. Immigrant? - earn you wages), and standard of life has greatly improved. All this without a single dollar collected through the income tax.
It is depressing to see how many Americans are falling into this trap. If there is anyone who should know better, it is you.
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A healthy economy should encourage:
- working - this is what brings value to the economy - the economy is only worth as much as the goods and services it produces,
- saving - this is the only thing that brings money for investment and social security,
By extension, it should discourage:
- consumption - it is depleting the pool of goods and services, and savings,
- debt - it is depleting savings and encourages excessive consumption.
When you organize your country around these rules you get period of constant growth of purchasing power and a deflation. If you flip the rules upside-down, you get constant drop of purchasing power and an inflation (bubbles are inflation concentrated on a small fragment of the market). It is really that simple. The difficult part is moving from a heavily indebted economy to one based on healthy principles. So far no-one has managed to do it without going bust or, worse, killing milions of people.