<i>Issuing currency is identically equal to inflation</i> No. There is demand pull inflation and cost push inflation. If you remember from econ, inflation or price level is the intersection of supply and demand curves. Since demand and supply are not constant, it is possible to issue greater amounts of currency in the face of greater amounts of supply and still see prices decline if the increase in supply outweighs the increase in demand from issuing more currency. What you are referring to is a gold standard or fixed exchange regime concept(this is what Austrians advocate). In a gold standard, money is a receipt for a piece of gold sitting in a vault. So issuing more money without increasing the supply of gold dilutes the value of money in terms of gold. In fact, this is where the term printing money comes from in the first place. This is not applicable in a fiat currency regime. In a fiat money regime, you can give everyone a million dollars tomorrow and if they don't spend it, there is no inflation. No such thing as printing money in a fiat money regime. All money is created and destroyed in the same way. There is no magical level where money goes from not being printed to being printed in fiat.
<i>continually increasing deficit and debt is unsustainable.</i> Yes but you have to have a model to tell you when to stop increasing deficits and arbitrary numbers like 10 Trillion or 4 Trillion don't mean dick.
With modern money, the size of the deficit is equal to the savings of the private sector. Paying off the deficit decreases savings to the private sector which either leads to a recession or credit bubble ( to make up for the lost money.) Deficits need to be targeted based upon the level of inflation and unemployment in the economy that policy makers wish to achieve. Obama cannot on the one hand call for "fixing the deficit problem" while on the other hand calling for more jobs. The two are pretty much antithetical.
inflation or price level is the intersection of supply and demand curves
As I understand your claim, you seem to be regarding the entire market as a single monolithic commodity -- a common Keynesian error.
Sure, the prices of discrete commodities fluctuate as their quantities supplied and demanded fluctuate. That's not at all the same thing as devaluation of the currency due to increase in the money supply.
That said, there's a good deal of controversy over the effect of wages (whose price tends to be sticky, preventing "proper" adjustment for supply/demand). Thus, even Austrians think that a moderate level of inflation is good, because it acts as a hidden throttle on the effect of wage increases.
<i>continually increasing deficit and debt is unsustainable.</i> Yes but you have to have a model to tell you when to stop increasing deficits and arbitrary numbers like 10 Trillion or 4 Trillion don't mean dick. With modern money, the size of the deficit is equal to the savings of the private sector. Paying off the deficit decreases savings to the private sector which either leads to a recession or credit bubble ( to make up for the lost money.) Deficits need to be targeted based upon the level of inflation and unemployment in the economy that policy makers wish to achieve. Obama cannot on the one hand call for "fixing the deficit problem" while on the other hand calling for more jobs. The two are pretty much antithetical.