1. Inflation is high, and/or is going to be high.
2. Inflation makes saving money a Bad Deal, because the $100 you saved yesterday is worth less today.
3. (Your words, of course) “What this means is that for most Americans, the future includes a lot more saving if they want to avoid living in debt.”

I don’t follow. More inflation means it makes more sense to spend the money you have *now*, even on things that will depreciate, because that same money *won’t be able* to buy those same goods as time goes on.

Sounds to me like less saving is the way to go. The only flaw with this, of course, is that our economy depends in no small part on people saving money, so that banks will have money to lend. There’s a reason tax laws – and even social pressure – favor saving: it makes the world go round, even if it’s a bum deal for those doing the saving whenever we hit an inflation bump.