In a society where few people can find an extra $500, much of today's spending is on borrowed money anyway: HELOCs for the middle class, credit cards for the foolish. The main street economy is struggling, retailers are closing stores. If prices increase, sales of non-essentials will simply decline. 

As a saver, I'd love to see interest rates increase. Trump could make me a fan yet. But his cut-taxes-spend-more program can't work, at least not for long. Trump and his fans are already preparing to blame the Fed when their house of cards collapses.