The effects of inflation are felt. For example, the deterioration in product quality, packaging, and even product size are attempts of companies to prevent raising product prices. Where people absolutely see it are in those things usually funded by debt: houses, cars, university education. There are myriad reasons for rising product prices and decreasing product quality, but one of those reasons is monetary inflation.

As noted, however, these is zero political will to reduce spending, and I therefore believe the USA will suffer a monetary crisis in the mid-2030s. I hope to be incorrect, but I just don't see it happening. Raise taxes? Lose votes. Reduce spending? Lose votes.

Edit: Ah wait, rereading you're 100% correct. It's more difficult to see all of the cases I mentioned as being due to monetary inflation. So, while felt, people don't immediately attribute it as such.