For one thing, to get dollars from the govt one must at least show up for work and sell one's time. It is an 'if,' for sure. There is no such thing. In fact, quite the opposite. Particularly when we are below full employment.
Reduced output means less for the existing dollars to buy.
No protection was registered, promised, or implied, or asked for when the debt was issued. There is no currently no protection. If the constituency for inflation protection, whatever that is, wants to vote the ELR plan down, so be it.