That is still deflation. Deflation is any decrease in the general price level of goods and services. It does not matter if it is due to increased production by advanced AI robots, etc. After all, if you knew you can get something cheaper tomorrow, why spend at all? Like you said, the Fed will run against this.
I wasn't trying to be pedantic, but if you want to go there, feel free to consult the chart[1]. There's plenty that's become more expensive in real dollars, and there exists a strange cohort of people that believe real wage gains are a form of inflation. My worry is that these same people frequently sit at the helm of our monetary system.
My point remains:
> We want a future where human time is valued and basic resources are plentiful enough to be cheap for everyone.
because you need food to live. no amount of tightness on spending can delay the necessity of food.
it always boggles me why people scoff at deflationary economics with this line of reasoning - i see little evidence that the average person is so wise with spending money today.
It always boggles me that people scoff at the notion of people deferring many purchases and not investing at all in a deflationary economy because the relatively small fraction of spending which is necessary for survival is likely to be unaffected.
The fed would never allow this to happen. That would be deflation.
What we should pray for is $0.25 loaves of bread, $10 rent, and a $1000 minimum wage.
We want a future where human time is valued and basic resources are plentiful enough to be cheap for everyone.