He is right of course. Deflation is a very debilitating disease for an economy. The notion that prices will decline if one waits to make a purchase has the effect of slamming the brakes on consumption, reducing employment, and causing still more deflation. It is a negative spiral that monetary authorities fear as much as they fear hyperinflation. It’s why central banks usually target low, but positive, rates of inflation, like the ECB’s 2%
Economists do not always love to see economy correct its own excess. They only like "good" correction or "good" equilibrium.
That’s not true. Deflation is only permanent when governments intervene. Worse, by focusing solely on prices you miss the real cause: Socialism and its ideas on human action.
Pre-Fed America never experienced a deflationary spiral.
Of course, a ZERO percent inflation rate, backed by sound money, is even better, IMO.