Inflation is tracked using the Consumer Price Index, which indexes prices that ordinary consumers face, not housing speculators or art collectors. Inflation is high for the capitalist class and low for the working class.
My intuition then is that bidding wars among the capital holders for labor should be more common, but wages are stagnant. Is the value of labor decreasing faster than the value of money for capital holders?
The maximum they're willing to pay might have gone up, but they can find someone else instead of paying the maximum, because labor is provided by tons of different, individual people who don't coordinate a price. The rise of pro-union sentiment over the last year could be seen as recognition of that need for coordination.
