Lol "5% pay cut". Classic ivory tower, wealthy first-world thinking. 4 trillion dollars is $500 per person on earth, which is more than the annual wages for a significant percentage. Energy cost increases put vastly more of the burden on low-income individuals due to the demand inelasticity of heat, fuel, light.
Of course it won't be distributed evenly, that is the point. Just like always, energy cost increases harm poor people the most.
If you are in USA, has the government absorbed the increase in energy prices? Of course not. It costs everyone more to pay their heating bill or buy gasoline than just a year ago. Wealthy people can afford it. Poor people cannot. And the energy spikes also contribute to the huge inflation in food and everyday goods, once again hurting poor people the most.
That's the most basic of examples. Reality hits in many ways. Poor people generally have to travel much further to work every day. No matter whether they take public or private transportation, when fuel costs go up, maintenance drops... routes get cancelled, cars break down, tolls go up, whatever.
Or employment goes away entirely. Are mines, factories, construction projects still profitable when energy costs spike? Some yes, some no.
