[RickJWagner]

It's anything but a redistribution to favor older generations.

Older generations are living on savings. They don't have upwardly-adjusted salaries. They don't have time to ride equities downward-then-strongly-upward again, they have to spend from the pile they already had.

The strong inflation definitely favors younger generations, who will salary-adjust with it.

[LatteLazy]

The average recession lasts 15months. So if you're planning to die before Christmas 2023 you won't have time as you say. But 95% of boomers will be just fine.

Also, inflation proof incomes (like pensions and social security) and investments with inflation proofing are a much better bet than "my boss has to give me X% to match inflation".

Then there is the housing market, most people's biggest asset. Anyone without a house will get fucked by rising prices. Anyone with a mortgage will struggle as interest rates rise, but only in cashflow terms, they're still making our overall. And old people who own outright will get all the upsides and none of the downsides...

[RickJWagner]

Pensions? Not likely, in the US.

As for Social Security, it was designed to cover (at best) 40% of costs. That leaves your (shrinking) investments to cover the majority. And Social Security is quickly running out of money. (This should be fixed immediately. Before forgiving student debt, or many other things. Social Security is vital!)

Younger workers will get inflation adjusted raises. The older will lose purchasing power. Inflation is absolutely harmful to those on fixed incomes, less so to those on elastic incomes.

But if you're arguing that a $15 minimum wage was harmful in general, I won't disagree. Inflation hurts everyone.