So... let's pretend you have seven trillion on your balance sheet. That's a lot of debt service. In non-banker terms, that means "making interest payments." Good thing you're keeping the interest rate at fuckall. But let's say you wanted to, oh, not have seven trillion on your balance sheet. What do?
If a big mac cost $4 instead of $2, and you delineated your debt in big macs, you would owe half as many big macs. So if you make everything worth less money, then your debt is worth less money! The money people have been talking about this since 2008 or so; Mauldin in particular has long held that eventually we would "inflate away the debt". This has the fortunate side effect of allowing you to "resolve your obligations" because if half your money goes to "entitlements" and you need more money, you can either cut entitlements or get a bigger budget. Unfortunately the result here is euphemistically referred to as "punishing savers" because the money you have in the bank is now worth exactly fuckall and oh by the way that $1100/mo social security payment that's keeping gramma in cat food? Yeah her buying power buys half as much cat food now so she's going to have to share with Mr. Sprinkles.
On the plus side your mortgage is going to go up. If you own a house? It's going to be a net zero to sell it and buy another because your asset is going to appreciate too. On the minus side so is your rent. Your buying power is going to go down commensurately with the rentier's income.
Powell is gonna do something new under the sun: say 'yay inflation good!' while simultaneously saying 'boo interest rates bad!' And he's gonna do it because so is everyone else. And you thought paying off your credit card was a smart move. Dumbass.
So the argument here is take on as much debt as humanly possible because it's about to matter a whole lot less.