[dnautics]

Deficit spending by governments creates a generational obligation wherein the future generations must pay for profligate spending in the past (which they cannot go back in time and vote against). The primary means of paying down this debt is through currency devaluation; note how the person in the article claims her pay raises have at best tracked her cost of living increases. This transfer of wealth across generations also hurts the poor the hardest; if inflation weren't so bad for the poor we wouldn't have to raise the minimum wage periodically.

I suggest reading "the great wave: price revolutions and the rhythm of history". I found it to be a surprisingly easy read.