No, you are not thinking it through. He said that, as though it was possible for everyone to do that if they put their mind to it.
Quite obviously an economy could not operate if that were to happen (see my post above).
I know exactly how it works no need to think it through.
Inflation is a self feeding circle. To kill it all you need to do is stop feeding it.
If you allow it to be fed then how much it is fed dictates how much it will in effect self generate.
If everyone received a 10% payrise because inflation was 10% it would feed inflation. But not at that exact ratio. It would depend exactly how much was passed on. BUt it can cause a spiral.
If I have a 10% higher wage bill and pass some on to my customers they may have 10% from staff and and extra 1% from me.
He was right though you have to look after yourself.