Yep. Pretty much. As it is, debtors are already not particularly happy about the melting ice-cubes that are U.S. dollars, treasuries, etc. There just haven't been many better alternatives. Of course, Bitcoin has the potential to fix this (or break it - depending on your perspective). 😄

One clarification: the rate that represents the amount of money that is printed each year to pay for the additional spending not covered by the taxes raised has been more like 8% (sometimes more; sometimes less) for at least half a century (that's as for back as the Fed chart I found goes).

The 2% 'inflation' target represents this 8% after accounting for technological deflation of consumables. That is, advances in technology cause consumer products to get like 5-6% less expensive in real terms every year (on average); but when you add 8% due to monetary expansion, the result is a 2-3% higher nominal price tag.

Conversely, the price inflation rate of harder assets that don't really benefit as much from technological advances - like gold, real estate, etc - tend to track the 8% monetary expansion rate much more closely in the long run