The sneaky thing about how the math works is that it's the middle class that really get crushed.  The poor typically have earned income that mostly indexes with inflation...and you can't deflate savings that doesn't exist.  The rich have assets far in excess of 10 times their annual family income needs so they can mathmatically keep up without much trouble. It's the group that has assets that are between 1% and say 900% of their annual family income needs. That group is going to have a hard time keeping up as their savings is melted away by inflationary deficit spending.

From the Gov's perspective, how do they take more money from an electorate that won't approve additional taxes?  It's actually very simple.  Suspend any limit to Gov credit and deficit spend on whatever they please...which is exactly what they are doing.  The key is that there is no intention of every paying it back. There never has been any intention of repaying the debt and never will be.  The deficit spending allows them to spend without voter approval that would normally be needed to raise revenue. This debases the currency and triggers asset inflation (always, not sometimes) and prices get reset to a new level until more deficit spending comes into to renew the purchasing power slide.

Eventually, the middle class mostly dissapears and you're left with the ultra wealthly and the poor.