Dude, quit your job and do the same thing for someone else for a 20% raise.

If you would read what I wrote, pay across my industry is low. Not everyone can just job-hop for an instant 20% raise. The only way I could do that is by moving to a higher COL city, which isn't going to help (besides the issue of leaving behing family).

Consumer spending is still through the roof. We don’t want to spur on spending right now. Inflation follows excess demand

My point is, that economists worry about deflation because it has the potential to kill consumer spending. People will stop buying stuff, they say, if things will just keep getting cheaper, as people will just wait for the price to come down. But that behavior would require a long-term trend with deflationary expectations. Besides, with most product quality being garbage thanks to planned obsolescence, people will still have to buy stuff anyway, so I somewhat doubt that traditional wisdom.

Economists want to pretend that undoing the 20% rise in prices (much more for many items) would be catastrophic, but I highly disagree.