The natural state of a free market economy is deflation. Technology makes production cheaper every year. Your 2026 iPhone costs less in real labor-hours than a 1995 Nokia cost. Hard drives, food processing, logistics: all get cheaper when producers compete and innovate without interference.
This matters because it reframes every inflation conversation you've ever had. The Federal Reserve doesn't just inflate prices from zero. It inflates them on top of a natural deflationary baseline.