This is the classic “money illusion”. If I have twice as many dollars, but they are worth half as much, in what way am I better off?

It’s an astonishing and embarrassing blunder for a leading business network to commit (It’s even more embarrassing if, as Keynesian economists argue, wages lag behind prices).

Perhaps even CNBC has come to realize this. The new headline is:

“It's not certain rising wages will be enough to outpace inflation.”

https://www.google.com/amp/s/www.cnbc.com/amp/2021/07/08/the-upside-to-inflation-rising-wages.html