For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.
What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?
To me, your first suggestion about limiting the rate of eating is no a valid way to reduce inflation. In other aspects, I can compromise to cut expenses if necessary but if I can not increase my budget on food, I will definitely not going to reduce it because that's first basic of human need.
Governments create their loops and repeat it many times. Printing money and providing new money supply to their citizens and society to increase purchasing power in their economy. Later when inflation shows bad impacts, they tighten their financial policy by increasing interest rate and force their citizens to deposit money back to central banks, commercial banks.
Problems are it is more easily to print new money and dump it to society than retrieve it back to central bank. So the net effect from government and central bank is always increase inflation.
The truth is there is no perfect solution to control inflation but I think this very one is among the ways for government to control it. I do agree with you that it's much easier for government to create money in circulation than to take it back which is responsible for monetary inflation. The only way to overcome this is by moving away from a system that allows central banks to control money supply to a system of free banking. We can see how unrealistic it can be using that approach. For now, price stability is what they should look into to curtail further economic downturn.