Some comments on James Flanigan's "Watch Out for Deflation, Not Inflation" column (Aug. 12):
* The high unemployment began in 1975 and, through 1987, constituted the third-worst record in a century--exceeded only by the great slumps of the 1890s and 1920s. There may be a question one day as to whether oil was the cause, or overcapacity on a worldwide basis.
* I remain surprised that people talk of the deficit as being historically high--not as a fraction of GNP, and the same holds true for government debt as a fraction of total debt. If the thinking that holds today had been used for policy in the 1940s, we could not have financed World War II. Why, then, is increased government spending so horrifying?
* Unemployment today is worse than indicated because of the addition of the military to the employed work force in recent years, and the vast increase in part-time workers.