Tight labor markets have raised concerns about the role of labor costs in persistently high inflation readings. Policymakers are paying particular attention to nonhousing services inflation, which is considered most closely linked to wages. Analysis shows that higher labor costs are passed along to customers in the form of higher nonhousing services prices, however the effect on overall inflation is very small. Labor-cost growth has no meaningful effect on goods or housing services inflation. Overall, labor-cost growth is responsible for only about 0.1 percentage point of recent core PCE inflation.
Your “hard currency” is inherently deflationary. This may seem good to you since it means your dollar is worth more tomorrow than it is today, but the same is true for everyone else’s dollars too. The net result is to discourage spending across the entire economy and that leads to much worst outcomes. There is a good reason that central banks aim for a small amount of inflation rather than zero or negative inflation.