A million dollars is not 'ultra-rich,' that's more than 10% of the US.

Anyone who has significant exposure to the stock market - 401k, IRA, whatever - "made" a lot through the AI bubble these past 3 years. That's the top end, and if you believe the AI bubble will burst, then all those rich old people are about to lose their paper wealth.

Inflation disproportionately affects the low end, where an extra $50 on gas or $200 on rent means they're no longer saving, or dipping into the emergency fund to pay bills.

It is a class war. It's structural, and it's not just the billionaires benefiting.