> I don't know how to make it more clear to you that the average balance sheet of the bottom 50% is no assets, many liabilities. ... Yes? Again, I think we agr

> I don't know how to make it more clear to you that the average balance sheet of the bottom 50% is no assets, many liabilities. ... Yes? Again, I think we agree on this fact. You're stating a lot of facts as though they were things that I argued against, when in fact, they support my thesis. > The bottom 50% hold 57% of the outstanding credit debt But that wasn't what I was disagreeing with. Your link also states that the bottom 50% hold only 32% of all liabilities. While the bottom 50% does have most of the credit debt (which I agreed with), a much larger overall liability is mortgage debt (2.6x larger), which they have very little of (22.5%). You say mortgages aren't "net debt" but that seems hardly relevant to the question of whether someone benefits or loses from inflation, because their debt is fixed while their assets float. Edit: maybe you think that I'm arguing that affluent individuals have negative net worth? I'm certainly not saying that. I'm saying that they have a large quantity of mostly fixed-rate debts, backed by an even larger quantity of assets that appreciate with inflation.