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I don't have any debt right now. I feel I'm missing out, if there is some inflation in the end, it's better to have some debt at a low fixed rate, then inflation will basically pay back your debt. If you're fiat rich on the other hand, inflation will eat your savings.
You are making a mistake comparing your debt and government debt. It is totally different what you do and what the government does and in economics this is considered a major fault to compare micro and macro scale.
This is called "fallacy of composition" and it is common mistake for people with very limited knowledge of economics.
Also the high debt doesn't necessarily mean that inflation will rise. You need to understand that high debt to be combated requires less liquidity in the market. In case the government keeps printing new money then inflation will reach higher and may even reach hyper inflation as we have seen in history. The countries that didn't officially declare bankruptcy but combated high debt and assured lenders by paying back the loans, they succeeded in having their economies less devastated and free of inflation. It is a lose-lose scenario, however it is about how to proceed with having the less dire consequences.
In case of cutting liquidity, inflation and debt can be combated, but a prolonged recession is also almost certain.
The stock market isn't an accurate reflection of where the economy is at,
Correct. How come stonks still go up when almost nobody is working or at least half of the world economy is destroyed? The answer is: Stimulus money. The growth is fake.
They are doing everything they can to stop the collapse and hoping that they can print enough till things go back to normal but what if it doesn't in the next 10 years? Then I guess everybody will have to live on the government checks forever...
This is the way for most governments to deal with extreme economic situations. It is the worst decision to make and it a result of populism and a fake support to the economy. Living in the EU I can't say I am happy with the monetary policy of the pandemic, however the EU Central Bank reacted with a stricter approach than the FED.
A big problem that nobody addressed so far is how all this stimulus money will be paid back. Because even in Keynesian economics there is balance and a need to answer that. Governments can't keep printing and increasing debt forever. The US having in their soil the top three or four major rating agencies (S&P, Moody's,Fitch) they can manipulate their economy and bonds ratings for more years and have them at triple-A, even in the case the economy will collapse. We have seen how these agencies work during the housing crisis in 2008 having rated 45,000 failing securities as triple-A. Stonks kept going up and only a few foresaw the looming disaster.
