You know, this is actual economic orthodoxy. The government is supposed to stimulate the productive economy (the part that's not rent-seeking like landlords) by causing inflation by overpaying it's employees (and hire). Which then forces private employers to pay more and causes high inflation. Why? This haircuts existing debts, both public and private and is very bad for rent-seeking, and good for anyone productive (making money).

Of course, that also shows the problem: it haircuts pensions as well, since they are a large part of the rent seeking class.