“Deflation means that average folks will actually be able to afford cars and homes.”
I can remember when I was a kid and saw a list of retail prices from the depression. I said to my father, who lived through the Great Depression, “How could it have been so bad, when things were so cheap?”
His answer has stuck with me for many years, “When you have no money at all, it doesn’t matter how low the prices are.” That’s what a real Depression is. Deflation is one thing, Depression is another. And as dearly beloved President Obama said about dearly beloved President Joe, never underestimate his ability to f__ things up.
My wife’s family were farmers during the Depression—here in CT so no “dust bowl” issues.
They did fine—had plenty of food (had cows, sheep), did barter with neighbors who were also farmers—used a woodstove for heat and had plenty of firewood they cut down on their property.
The clothes were hand-me-downs and of course nothing was wasted.
That generation was all “hoarders”—when they died it took weeks to clean out their modest houses.
Went to grocery for celery yesterday - at $5.00 a bunch I walked out!