Mostly — but "everybody" is doing a lot of work in that sentence. 1971 didn't hurt people evenly. Whoever sits closest to the new money (assets, credit, the financial sector) gets the dollars before prices adjust; wage earners and savers get them last, after the yardstick already stretched. That's the Cantillon effect.

So it's less "everybody got hurt" and more "the people furthest from the printer paid for the people closest to it." The summer-job-pays-for-tuition math broke for the bottom, not the top — and that gap IS the story.