For a long time there has been a disconnect between things like the cost of housing (in so many metro areas where people want to live) and other parts of the economy.
It's not just low wages for essential workers, it's also bargain prices for a large number of consumer goods and services that people have taken for granted.
There has also been a disconnect between the wages for high end professionals and other workers.
A round of wage increases and public assistance has been due. As the cost of wage increases gets passed on through the system, inflation will likely become broader across a wider range of consumer prices.
Yes, a little inflation, or maybe even more than a little, but consumers can't expect to "have it all."
I've often thought that maybe the problem is that the cost of living, such as housing costs, is too high, rather than wages being too low. I guess that would mean the need for a crash in things like the housing market and homeowners becoming "upside down" in their homes; like in 2008. A difficult situation in it's own way.
Maybe it's always easier to bring wages and prices up, rather than trying to drive things down. Hopefully the goal is less income disparity, not just between the 1% and the rest, but within the rest as well.
As for the owners of business, some business does operate on a thin margin. Great accumulation of wealth is sometimes still needed as its the capital that is the business. It can be the buildings, equipment, patents and so forth. If it wasn't there, the business might not be there.
In other cases, wealth is truely wasted. How many vacation mansions does one need?
Beyond just the very top, I think upper middle class needs to be part of the solution as well. Upper middle class creates much of the market and by voting, the political climate that shapes business. Why do we remain dependent on cars and sprawl? Market and political forces play a role.
For everyone, here comes some higher prices to benefit one's neighbors who work at places like restaurants.