> Inflation is a good thing for people with a lot of debt but not a lot of money.
The counter to this is inflation is painful to people living on savings or fixed incomes. And the politics here are brutal - young people whom this benefits don't vote, older people whom this hurts do.
> The counter to this is inflation is painful to people living on savings or fixed incomes.
The last generation that generally saw the ability to do any of this are the Baby Boomers, and they're a generation that is half-dying and half-broke. Once the Xers with no savings and no pensions start losing the ability to work, the calculus changes. They're 45-60 years old now.
The material view of people who are living on savings and fixed incomes is the people who are wealthy enough not to have to work. That category will soon be dwarfed by the people who need universal health care to stay alive and the people who depend on inadequate social security payments.
The counter to this is inflation is painful to people living on savings or fixed incomes. And the politics here are brutal - young people whom this benefits don't vote, older people whom this hurts do.