> Floating rate debt holders can get burned pretty badly in an inflationary period.

So, it is the change in inflation, the raise, what makes it bad. If you ask for a loan when interest rates are at 15% your house price is going to be lower than when interest rates are at 1%.

So, you are right that "an inflationary period" as "increasing inflation" may be bad. But, maybe, the problem was that interest rates got to 1% . Such low interest make that just getting to a low 5% you are paying x5. Print more money, keep interest rates at 10% and unless they go up to 50% you are not so bad as people is nowadays.