Probably, but by far the most likely scenario is a decade or more of persistently high inflation as bondholders (i.e. your pensions and retirement accounts) and normal people are pick-pocketed to bring down the nominal debt load.
(Actually it affects those who hold cash and cash-nominated things more than those who mainly hold debt)
If you have a 30 year bond paying 2% and inflation goes up to 4%, you're making -2% on your bond. Sure, that's not as bad as -4% for cash holders. But it's not good at all if you're planning to retire someday as the compounding effects of inflation over the decades wipe out your retirement benefits.
If you borrowed $500k to buy your house at 3% and we hit 10% inflation, you look like a financial wizard pretty fast.
If you bought non-TIPS bonds during that time to finance your retirement, you may end up nearly destitute.