Inflation helps those who are in debt over their heads (they pay back debt with worthless moeny), those who charge to the hilt, and those who live irresponsibly.
In short, Obama is sticking it to the middle class and helping the irresponsible. It's a different way to do redistribution, but just as effective.
That was the conventional wisdom when inflation hit in the 1970s. I'm just not sure it worked that way. It seemed that those who went into it with no debt and minimal expenses and lived frugally, staying out of savings (even if it meant being on the edge of poverty) outlasted it.
My mother lived in a neighborhood of mostly seniors back then. It seems to be how it worked out. A lot of those seniors remembered the lessons of growing up in the depression. Some gave up cars, they wore clothes they already had, they had gardens, they kept life real simple and didn't try to outsmart anyone or anything. My mom, even when the interest rate went down to 2%, never took more than that interest out of the bank each year. When those interest rates skyrocketed, she lived quite comfortably, and pretty much kept to that frugal lifestyle.