Populist candidates used to actually argue for higher inflation. See the free silver movement of the late 19th century. With some inflation present, the real value of all debts goes down over time, as long as you make the interest payments.
There are many ways that a government could handle excessive debt. Inflation is one method that is to some degree successful, and also to some degree a complete failure in contemporary America. How many people have student loan payments when they graduated college a couple of decades ago? That’s just shocking. Which is to say, interest rates are one tool, but at the moment they are not sufficient to handle the problems society is facing.
Populist candidates used to actually argue for higher inflation. See the free silver movement of the late 19th century. With some inflation present, the real value of all debts goes down over time, as long as you make the interest payments.
There are many ways that a government could handle excessive debt. Inflation is one method that is to some degree successful, and also to some degree a complete failure in contemporary America. How many people have student loan payments when they graduated college a couple of decades ago? That’s just shocking. Which is to say, interest rates are one tool, but at the moment they are not sufficient to handle the problems society is facing.