I used to agree with the mainstream view that an aging population was deflationary. The logic: old people don't buy new stuff. Real world examples: Japan, Singapore, Germany, etc. If inflation did pop its head up, governments would reflexively smash it with higher interest rates, never mind the resultant unemployment. Why? Well, the US did it in the 1970s. Since then, much of the neo-liberal project has been to transfer power from workers to consumers. Voters were happy with that trade-off then, so they probably would be again. The numbers stack up politically. Inflation affects everyone. Unemployment only affects workers. I don't work. I'm team higher unemployment. Anticipating a future of stable or falling prices, I relaxed going into the COVID pandemic.