Great for rich people or just not your relative purchasing power being completely eroded. Why work for a 5% raise if it means all your expenses go up 5%?
The situation you're positing already basically exists with housing - who literally ask for proof of your income - and while housing goes up at unreasonable rates due to lack of construction, it clearly doesn't go up at the same rate (and _definitely_ not by the same raw amount) as income does.