That sounds like the answer to your own question, no?

The root comment proposes that "They just create the money they need, the never-to-be-paid-off deficit grows, the value of the dollar shrinks, and we move on." How is that incompatible with an inflation target that "allows companies to plan ahead?"

No, not at all. How much will they print? 23% of GDP? 18% of GDP? That’s $1T difference in cash. How will that affect inflation? Who knows, no one can predict that. A shrinking dollar is bad for imports and America has a huge trade deficit right now, it would cripple international trade.

Tough luck that until some months ago, USA was a net energy exporter. Definitely do not want to ask why energy exports flipped to energy imports. Recall that a few days ago Joe asked Saudis to help out by pumping more oil.

I guess it is all academic since inflation acts as a tax on savings. Going to get taxed one way or another.

Congress created the private contactor known as Federal Reserve with mandate for employment and stable prices. 2% inflation, which violates the mandate and Congress does not care, compounded every year is why purchasing power since 1913 is aiming for the dirt.