yup the only way to counteract the deleterious effect inflation like that has on working people is a proportional increase in wages

the owners of capital dont want that because inflation combined with wage increases across the board demolishes any gains they make on interest on debt, effectively it wipes out the value of debt so they will fight tooth and nail against whether or not it is bad for the country as a whole

so as always death to capitalism death to america death to the great satan