Deflation doesn't discourage spending by itself. The price of holding to the money is the lost opportunity of investing those money into something else. I'd say, generally saving money is a good thing rather than bad because it allows me to only invest them when I consider the opportunity good enough. Presently, inflation punishes me if I save money. So, if we talk about particular individuals saving money, inflation is not a good thing for them. It might be good for specific groups of people who receive the money I spend, but then one might say it is good for them at my expense. Which brings us to the idea that inflation is simply a tax.