And the reply to that explains well how it is a transfer payment. And of course it is. A sizable number of people don't earn any income at all. You do have a p

And the reply to that explains well how it is a transfer payment. And of course it is. A sizable number of people don't earn any income at all. You do have a point about inflation, but supply in most cases will respond accordingly. There are important exceptions, like land rent, which scales with the income-earning ability of tenants, because it is a pure monopoly with a vertical (static) supply curve. see: The Law of Rent