Inflation is only 2% because CPI is bullshit. CPI keeps getting changed so it would be 2%. There are no realistic housing options in there anymore, nor education, nor healthcare, nor ... and if you reinsert those inflation has never been below 4% per year.
While I've gotten above inflation pay rises, they have been exceptions (and due to exceptional performance, ie. usually more than 8h/day for quite a while).
Besides, it is very obvious that modern states and central banks are using inflation to minimize/eliminate the effect of debts on the actual economy. Given what has been going on, how can you realistically defend any other position?
Btw: given what has happened to these debts, you can safely bet your right arm that real inflation is going up to at least 5.3%. And that was before COVID-19 measures.
Inflation is what happens when there is a shortage of labor and thus inflation is generally associated with increased incomes. This stupid myth that CPI inflation is bad for workers should die. Your comment is also wrong that inflation is above 2%. If that were the case nobody would have gotten angry that assets have outpaced wage growth. Assets outpacing wage growth is deflation except it is not denominated in dollars but rather in housing or stocks.
No, the fantasy economy (read the stock or housing market being pumped by easy money) should not be part of the CPI inflation rate because it's not real. The entire point of CPI inflation is to measure the real economy.
Supply side economics are generally done to combat inflation, demand side economics are generally done to increase inflation and what we need is a stimulus on the demand side because there is already an oversupply of labor.