Overtly taxing at the levels required to cover government deficit spending is political suicide. As are budget cuts to balance budgets, as they'd require completely axing wildly popular programs such as government pensions for boomers. Ergo devaluing the currency is the only feasible option for governments. Record corporate profits are largely the result of inflation benefitting some sectors of the economy while gutting others, moreso than "greed". If you had a bunch of debt and high free cash flows, inflation is a windfall because you can retire corporate debt at a steep discount. If you have high corporate debt that you were continually reissuing at low interest rates...rate hikes will bankrupt you. On the personal finance end, inflation has significantly benefitted those closest to the printing presses like government contractors or people with large asset holdings, while low earners take it in the shorts due to sticky wages and high inflation.