Working class typically rely solely on wages and have little to no wealth. So any purchasing power decrease is often referred to as a hidden tax on wages.

https://en.wikipedia.org/wiki/Wealth_inequality_in_the_Unite...

Competition as a sellers’ market drives wages up, like anything AI connected today. Buyers’ markets drive wages down - GFC, H1Bs.

Working class mortgages got obliterated after the GFC and never recovered.

https://fred.stlouisfed.org/series/WFRBSB50210

Mortgages are about 92% fixed rate (vs ARM).

https://www.stlouisfed.org/on-the-economy/2024/feb/which-hou...