“For retirees largely in fixed income, deflation is good.”
Yup—you got it.
Let us deflate our way back to 2020—then we can talk....
You do that, and the economy will collapse. The losses incurred by the shutdowns were real. We papered over them with printing money to keep it afloat. Pull back the money supply by 30% to get inflation back to 2020 and you'd see 15-20% unemployment.