Earnings can adjust fast to compensate for hyperinflation meanwhile the fraction of the population that have worthwhile savings has been steadily declining for a long time.
For a massive amount of Americans significant devaluing of debt would be life changing in a positive way. Little to lose and lots to gain.
Right now, wages in the US are much higher than most other parts of the world, but the fundamentals behind that are quickly disappearing. If I can hire equivalent talent in the US for $100k, EU for $50K, and Asia for $10k, that's a market friction. It's slowly levelling out.
As that's happening, and cheap goods / services from outside the US are no longer cheap, our purchasing power goes down.
For a massive amount of Americans significant devaluing of debt would be life changing in a positive way. Little to lose and lots to gain.