When people on fixed incomes are caught in inflation, it can be devastating for them. Think retirees on Social Security or other fixed pension plans. People in the workforce are getting raises to keep up with inflation. Even though wages generally lag behind inflation, they don't lag by that much. People on fixed incomes are just stuck. As prices rise, their fixed incomes get squeezed.
If, when I retire, my real estate taxes are $3000 a year and I can barely afford them, when inflation kicks in and they start going up by 7 or 8% a year (a possible rate of inflation that would be horrendous), it won't take too long before I lose my home because I can't afford the pay those taxes. Same with food, gasoline, insurance, and every other consumable. Up-up-up.
If, when I retire, my real estate taxes are $3000 a year and I can barely afford them, when inflation kicks in and they start going up by 7 or 8% a year (a possible rate of inflation that would be horrendous), it won't take too long before I lose my home because I can't afford the pay those taxes. Same with food, gasoline, insurance, and every other consumable. Up-up-up.