People with fixed or low incomes will be hit hard.
In the late 70’s, I was a young college grad with a new, seemingly huge mortgage. Inflation was bad, but business was good, so I got some 15% raises for a few years. That mortgage payment became smaller & smaller every year as a percentage of my take home pay. I laugh now over that huge $360/month mortgage/insurance/tax payment.
So, inflation is good for some, bad for others.
“inflation is good for some, bad for others”
Yes. It is a massive redistributinist scheme. Those who get to buy goodies with new money before prices go up win. The government wins always, of course.
True, but there is always a lag between rising prices and rising wages. Even union and government workers who are protected by COLAs generally only get a COLA annually. When inflation is high, the lag can have terrible effects on almost everybody, though the effect is worst on those with fixed incomes.
The danger is that the government/fed will print enough money to induce hyperinflation. That will damage our economy and cause real misery on a scale most of us can't even imagine.