To really understand the impact of inflation, the year over year rate is of little value since what really matters is the cost of living now versus the last time you got a raise.
Debt level in US is far below of Japan or some EU countries. If inflation declines there will be possibility to reduce interest rates and interest payments. So in the long run US should be OK.
Also - debasement of currencies is a habit of all countries in all times irrespective of governance form. Even gold coins were affected. So I would say it is endemic to human nature rather than political flavor (though left governments are more prone to it).
Debt level in US is far below of Japan or some EU countries. If inflation declines there will be possibility to reduce interest rates and interest payments. So in the long run US should be OK.
Also - debasement of currencies is a habit of all countries in all times irrespective of governance form. Even gold coins were affected. So I would say it is endemic to human nature rather than political flavor (though left governments are more prone to it).