There's also one big winner in an inflationary environment: the US federal government, who happens to owe a LOT of debt. Inflation shrinks the present value of

There's also one big winner in an inflationary environment: the US federal government, who happens to owe a LOT of debt. Inflation shrinks the present value of that debt, without requiring the government to cut spending to pay it down, which would have serious economic consequences (see: austerity).