High inflation does erode the debts of those most heavily in debt in society which are people in their 30's and 40's with large mortgages and in paid employment. A few years of 8% inflation can make those mortgage debts shrink. The retired on fixed pension incomes would be much less happy.
However, broadly the retiring generation are in a much better financial position than their children so perhaps a transfer of wealth is in order. Unfortunately the older generation vote more often so this is politically difficult.
There has never been an example in a developed currency whereby printing money did not result in galloping inflation which usually needs constraining with high interest rates. Unfortunately the UK along with much of the West is in a least-worst scenario where all the options are pretty horrible.
Bottom line - the market needs not so many airline pilots as it once did.
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