It is, but that largely benefits the middle class (which has much better access to debt), not people living paycheck-to-paycheck.

People living paycheck-to-paycheck get larger paychecks out of an actual wage-price spiral so they're ultimately no worse off or better off. It is almost right there in the name.

What doesn't work for them is when there's massive asset bubbles like we've had for 30 years, but their wages are held flat.