To keep the game going Total Aggregate Debt needs to be something like 30 Trillion not 28.8 Trillion. The same thing happened in the early 30's. This indicates to me we are in the early stages of a 1930's style depression and the Fourth Turning is at hand. First comes the Financial Crisis then comes the Economic Crisis then comes the Political Crisis. No doubt to be followed by a civil war or world war.
Inflation results from too much money chasing too few or the same amount of goods.
In other words every time the Federal Reserve issues another credit dollar or the United States Treasury prints and issues another paper dollar it makes the credit dollars in your bank account or the paper dollars in your pocket worth fractionally less. The more there is of something the less it is worth. If diamonds were as common a gravel we could pave the streets with them. If gold were as common as iron it wouldn't be worth as much as iron as iron is a useful industrial metal and gold has few industrial uses. The same is true of dollars, the more there are the less they are worth.