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It’s longer term. CPI just measures a weighted prices of a basket of goods/services. In reality, the purchasing power of the dollar moves quite a bit outside the CPI basket because people absolutely spend their capital outside that basket.

> I don't see a lot of upper middle-class folks profiting off of this situation.

Look around more! We’ve witnessed the greatest bull market in history and It’s largely due to the government pouring trillions of dollars into securities. Look at returns on equity and real estate since QE started in ‘08. Poor people aren’t the ones benefiting off our insane 14 yr rally.