What you don't get is that there isn't 100% inflation, there is only 10% inflation which is less than Bitcoin has had until the recent halving. 90% of all STEEM is allocated to STEEM POWER holders and every 3.3 years there is a 10:1 reverse STEEM split. This means that you have an effective inflation rate of much less than 8% when you hold STEEM POWER.

Everything is an accounting artifact. We could remove inflation entirely by charging a huge negative interest rate on STEEM to fund posts, but that wouldn't be received well and would complicate the lives of exchanges.