all of this is happening as the US government is highly leveraged

But what sort of assets are you referring to? If I own $1 million in a CD then instead of making 3-4% yearly I am actually losing money based on inflation.

If I own stock the stock going up generally doesn't get an inflation boost so I lose money or if it does then I am even.

If I own a house then appreciation due to inflation simply keeps the same relative value that it had before. Sure my house is worth $100,000 more but because everything went up the value of the dollar went down 10% or $100,000 in reference to my house.

Again those that are highly leveraged do come out ahead. If you owe 100% on your house at $500,000 and then it jumps to $600,000 you still only owe $500,000 and you have $100,000 in value (although decreased 10% in this scenario it is worth $90,000 of last year's dollars).
Because the debt doesn't inflate like everything else you come out ahead.

But let's not pretend rich people are highly leveraged.