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Will prices start going down now?
Of course. The name written on the map is what was keeping that huge inflation there on the US at 2%/y.
In all seriousness, periods of marked deflation are generally not economically prosperous times. The economy deflated more than 20% between 1929 and 1936. But we don't call that period in time "The Really Cool American Price Drop." It goes by another name I can't think of right now, and it's making me feel greatly depressed.
We shouldn't be fighting for lower prices. We should be fighting for better wages that track with prices over time.
No, we should also be fighting for lower prices.
It's just that the way we achieve them is with price controls. Stop letting profiteers take as much as they want.
Funnily enough at a macro scale the economy was in super good shape as trump took office with all economic indicators pointing upward. Wages grew by over 4% year over year while inflation was less than 3% meanwhile the price increases that were seen over 2021-2023ish were either rolled back or otherwise ceased being increased. Trump could literally do nothing, let the existing trends play out over 4 years and retire with an economy worth bragging about.
Obviously he's not going to and is enacting explicitly inflationary policies, so we're likely to see more hyperinflation within the next few years