Inflation is good because it encourages spending and people spending money is required for a healthy economy. People make a little bit more money, things cost a bit more, thats means the system is working and money is circulating.
Think about it from the other side, deflation: it discourages spending. That car you want? It's gonna be a lot cheaper in a year. That loan you're planning on taking? Gonna be a lot smaller and cheaper to repay in a few years. It's an idle and stagnating system where little money is spent and the whole system suffers. The great depression was a period of stagnation like this and planned obsolescence is one of the things that came out of it to make sure money keeps flowing. Yes it sucks ass and should absolutely not be a thing anymore, especially from an environmental standpoint, but try telling a company they can't have infinite growth and mak all the money in the world.

Having said that, i am assuming a reasonable system. 7% inflation is crazy high (anything over 2,5% is already high) and if there is no effort by the government to increase wages along with prices it's a bad system that fucks people over. Austria has a system (not the Austrian school, that has nothing to do with modern day Austria) where the chamber for workers and employees and the Austrian economic chamber get together and negotiate over wage increases. The system has its own flaws obviously, but it's better than nothing and helps keep Austria's economy healthy.

Tl;dr inflation isn't bad, US government only caring about the rich is.