We're in Deep shit my Friend....High inflation is such a relative term. For me it brings back memories of the whole 1970's. Back when Nixon's wage and price controls was tried and failed. Gerry Ford's introduction of the "WIN" button (Whip Inflation Now) didn't do squat to control it, who would have guessed? Finally Carter had to bite the bullet and select a Fed chairman who favored a tight money policy. By 1981 mortgage rates reached 21%.
I believe just-in-time supply chain has more to do with the recent price increases then the debt. The ridiculous overspending isn't anything new, it has been going on the past 20 years.
The stock market is a lot a risk just to keep up with inflation after corporate and personal income taxes at the federal and sometimes state and local levels plus personal capital gains taxes.