This topic comes up from time to time. The inflation camp believes the only way to get out of our current mess is to inflate the debt away. The deflation camp acknowledges the inflation attempt, but argues it will fail. They point to Japan as a proof. Central bank there cut interest rate to zero. Deflation still took hold and has lasted for more than a decade.
Personally I’m not convinced either way. I’m assuming the truth is somewhere in the middle, in which he FED will try to slowly inflate the debt away without causing runaway inflation. Not easy to accomplish to say the least, but the longer they can drag on this process, the better the final outcome will be for everybody.
