Deflation is not bad... it's switching from inflation to deflation (or even just stopping the inflation) that's murder. Like going cold turkey on booze and heroin at the same time.
It's good to get clean, but god damn, does detoxing suck.
Plus the inflation (or booze and heroin) will kill you eventually if you keep taking higher and higher doses just to maintain the current level of happiness.
Chasin' the dragon.