I don't understand what you mean in this specific paragraph:

"The third distortion is reflected in the impact of reported interest expense on company profits. Because of inflation, the historical interest expense is overstated, as the value of debt decreases due to inflation, which results in reported earnings being understated and consequently a decrease in taxes owed."

Do CEOs or analysts care about past interest expense in the context of forward looking analysis, where you're trying to figure out what the impact may be on XYZ company going forward?

And if the focus is forward looking in emphasis, then please explain to me why interest expense would be getting bigger (wouldn't that depend on whether your debt is structured as fixed or floating?).