With printing of the Continental notes in 1775, Webster feared people would think you could finance the Revolutionary War by printing paper money. We should have listened!
Ultimately, what matters for the well-being of individuals is not that they are employed as such, but their purchasing power in terms of the goods and services that they earn.
Deflation can never repair the damage of a prior inflation. It would be like running someone over with a car, and then trying to fix the situation by backing up over the person again.
