Raggy: Did this scenario also apply to the "Captains of Industry" and the Banking and Financial bureaucrats who received massive pay rises and continue to do so.

I am also against the 'captains of industry' (and bankers) being paid extreme multiples of what the basic worker gets, and believe it has got out of hand.
However, the massive pay rises for the very few do not greatly affect the average (or median) wage, and so are not effecting inflation in the same way.