No voter likes to know that they're dumb - but the fact that Donald Trump is soon the ROTUS implies they are.
Maybe more should be invested in education.
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 also something they don't get.
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.
so if we have high inflation say due to global pandemic's effects on global supply and in response we get say 40-100% price increases (say milk was $1.00/gallon and now it is say $1.50/gallon, a modest 50% increase).
so now inflation eases, global supply chain in back to normal etc etc... we should expect now that milk prices will stay forever at $1.50/gallon (or higher) because now that would be deflation if the prices eased…?! :)
The million-dollar question is: How to you make Joe voter be less dumb?
