Jerry if steem inflation is limited to 9.5% then your post is missing that concept. Either the payouts of everyone drop as the system tightens back due to voting... OR you are spending other people's votes who are inactive thus enabling you to do that. And if people are going to be inactive, they lose out. But 9.5% is the rate of steem creation, doesn't much matter how it affects individual accounts. Before Hard Fork 19, I am just convinced the large whales got all the extra $$ and now it's just being spread out more broadly to smaller whales and others. Also, imagine, a lot of this steem never makes it on steemit... speculators on bittrex and poloniex are holding it. We're spending their votes... as it should be since we're the only reason the STEEM their holding has any value.