Verified answer

Inflation harms people who already have money, and benefits people who owe money. Depending on which one you are, you may or may not agree with the quote out of context.

In context, I recall Lamont was talking about a period of very high inflation, I believe as high as 21% one year. I don't know how much unemployment he was talking about, but there is no doubt that inflation in it's extremes can be pretty destructive to the economy as well as unemployment and recessions can be. Unemployment seems the most visceral, as those willing to work and unable to work evoke more sympathy than people sitting on money losing ground to inflation while they adjust their investments into vehicles that mitigate that risk.

From wiki:

Inflation's effects on an economy are manifold and can be simultaneously positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation may discourage investment and savings, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive effects include a mitigation of economic recessions,[5] and debt relief by reducing the real level of debt.

Lamont in no way referred to as Fred, "Fred". you could desire to seek YouTube for the clip the place Grady says the line in question. Or... you could desire to in basic terms deliver Aunt Esther, to take a swing at your co-worker with that handbag of hers!