I disagree that the middle class is hurt the most.
Whoever can leverage the most debt for assets benefits the most under an inflationary scheme. This tends to be banks and generally wealthy people.
Stated inversly the poorest are hurt the most as they are least a part of this wealth generating scheme.
Cash savings is largely irrelevant. Most Americans are net negative cash wise via credit cards. So stating the middle class is most hurt doesn't follow logically.
I'm basically middle class, but to keep a substantial cash savings would be financial idiocy in this inflationary system.
So who's losing if nobody has any meaningful monetary savings? Sounds like the rich because they will put like 5% of their portfolio into cash and higher wages eat into real wealth.
The middle class typically has a mortgage and student loan debt for which inflation benefits them.
The closer you are to the spiket, the more debt based inflation benefits you.
The poor do lose the most.