Most debt is mortgage debt - and virtually all of that belongs to non-poor people. For the last 50 years, home prices have tracked or exceeded CPI. When home p

Most debt is mortgage debt - and virtually all of that belongs to non-poor people. For the last 50 years, home prices have tracked or exceeded CPI. When home prices appreciate, you get leveraged equity on your home. You are unquestionably benefiting enormously from inflation. Sure - if you took out personal loans to go to Cancun for the weekend, you're not doing any better. But >68% of all personal debt is mortgage debt. The majority of debt is backed by assets which are inflating. The majority of people in debt (and especially companies) are benefiting enormously. Further - even if you did have an unsecured personal loan or an auto loan or even student debt - you can refinance to artificially cheaper rates - so you are still benefiting.