Correct. The Dollar declines over time, the speed of money accelerates, productivity increases, while our standard of living (think: healthcare, home ownership, stock trading) over time increases.
So money makes for a poor storage vessel for wealth, yet overall, our wealth still increases.
Economic growth is deflationary. The only way to offset that is for the government to introduce inefficiency into our economy (something the government does extremey well). In order to bring about inflation the government must go beyond the breakeven point, so there is no way that inflation can be said to introduce a higher standard of living. That can only come from productivity increases. There are only so many windows the government can break to stimulate our economy before it causes problems.