For the last few decades, the US has experienced periods of both low inflation and high inflation. But we have not experienced REAL DEFLATION for a very long time. My research into Great Depressions of the past indicate that deflation is a common hallmark of economic collapse.
Assuming that only inflation is possible is considered a “normalcy bias.” In other words, you assume that since you’ve only ever known inflation, that deflation is not possible.
Are you sure about that? Choose wisely!