Inflation going up drives an increase in wages
An increase in wages that beats the new CPI 8% - more likely 16% - inflation?
Inflation is bad for wage workers even when your wages go up, because wages often do not beat inflation.
And if stagflation comes to pass? Very bad for wage workers.
Inflation kills wage workers because it eats away paychecks, especially in the initial inflationary environment.
And just like a loaf of bread is no longer 5 cents, price increases for goods tend to be permanent.
Prices don't drop because inflation backs off, so you purchasing power is still weakened compared to previous years. Moreso since the Fed goal is 2% inflation.
Higher prices mean your boss may need to give you more than just a small raise.
Inflation going up...which makes the burden of past debts less.
That's good for anyone holding debt, including "the rich."
"The rich" run on debt as they increase the size of their wealth and engage in entrepreneurial activities.
Higher interest rates amidst inflation effect everyone as well, and if you're a wage worker that needs to take a loan for a car for instance you're affected far more than "the rich" who can pay cash or slap down a big down payment.
Being a wagie has underpaid compared to being an entrepreneur due to low cost of capital, that seesaw is about to flip until we reach a new equilibrium.
The only flip that is going to take place is a flip back to 0% rates when the economy starts to tank. Which will be long before inflation is under control.