“The vast majority of Americans would never feel the cap.”
The limitless Federal printing of unbacked paper money will eventually cause hyperinflation. When that happens, we will all become millionaires (or worse) and thereby subject to the cap.
Any kind of inflation will do the trick.
A 1984 dollar is worth $.44 in 2014. Assuming the same rate of inflation for the next 30 years, the $3 million has to grow to be $6.8 million to have the same purchasing power.