> The beauty of inflation is that it hurts you in direct proportion to how well off you are

This seems opposite of reality. During inflation, prices of assets rise, as the currency with which to procure them becomes devalued; those who possess assets are in a much safer position than those who exchange their labor for currency, since inflation will happen far more rapidly to the necessities of life (food, shelter, etc.) than to wages.

Cf. the price of houses, cars, etc., in the U.S. and worldwide vs. the corresponding increases in wages.