I don't really see any problem with wage inflation once it is at least hitting the middle deciles and isn't just confined to SWEs and above. We spent the past

I don't really see any problem with wage inflation once it is at least hitting the middle deciles and isn't just confined to SWEs and above. We spent the past 30 years being very cool with housing costs appreciating out of control and out of the reach of the middle-ish deciles, pricing everyone out of the market. If we could get some wage-price inflation to pull up wages then housing wouldn't need to crash to make it affordable. And then long interest rates would then rise, acting as a brake on speculation and cheap money. Higher inflation that hit wages and not just assets would also help to reduce income/wealth inequality (we could also try substantially taxing the rich like we used to). Instead the Fed is going to crash the economy into an iceberg in order to create unemployment, keep inflation low, and low inflation expectations on the 10y horizon will keep long rates low and stimulate future speculative bubbles. Either way the bottom decile loses out and they're always living month-to-month, so I don't think it matters that much. Are they worse off with high cost of living and wages that aren't keeping up with prices, or without jobs due to high unemployment and an economic depression?