i think the best way to put it is poor people are less insulated from inflation shocks. in dollar terms, stockholders may see sharper immediate losses (as eg rate hikes crash stocks). 1/

but asset holders tend to have means by which they can cushion the shock without changing their actual consumption behavior, while those without assets are forced to very painfully "adjust". 2/

eventually, both groups tend to recover, wages tend to match inflation, share prices rebound to levels consistent with the current price level when rates decline again. 3/

but the less wealthy will have really suffered in the meantime, while the more wealthy will have had to sweat through some anxiety but otherwise live as usual. 4/

middle class people with big mortgages are the big winners from inflation shocks. the poor borrow too little or on terms too miserable to really benefit from the reduced real debt burden. the rich are creditors who take real (but not nominal) losses in fixed income securities. 5/

but middle to upper middle class people with big mortgages and professions whose wages do track inflation can end up with a lot of debt relief! /fin