If inflation is lower than the rate the federal reserve hikes rates to, you can ride out stagflation in money market funds and other types of income-generating investments. The real pain is when it doesn't. Stocks decline, cash declines, and there really is nowhere to hide. TIPS? I-bonds? Both are indexed to the CPI, which policymakers have loudly signaled they are okay gaming and manipulating for political favour.

You’re vastly underestimating the income and political effects of stagflation. Historically speaking, one doesn’t ride it out. It’s fixed fast or the system collapses.