[JumpCrisscross]

> problem is price levels. What would it take to deflate prices without a recession?

In an economy with borrowing, nothing. Deflation increases the real debt burden.

More pointedly: price levels are imaginary. The focus should be on real wages.

[toomuchtodo]

Corporations keep cutting labor costs to attempt to maintain profit levels obtained during ZIRP. Only through organizing will workers have enough collective power to obtain material real wage gains, unless their is a macro lever I am missing (which is entirely possible).

[lxgr]

> In an economy with borrowing, nothing.

As long as you're a net borrower, sure. For net savers, it's a bit less pleasant.