"Balance sheet that never rolls off" is very much in the same genre as "loan that is actually a grant" and "financing tax cuts with debt."
edit: /s
In reality, all of those steps were necessary to prevent economic disaster, but now that disaster has been averted, and wages started rising, everyone's clutching their pearls about inflation.
In any case, the team sports side of this is much less interesting than the part that transcends team sports: both sides devote more media attention to the smaller money printers. Not by a small margin, either. That's an interesting choice. Does submarine go blub? Or does making the big money printer boring and complicated completely cloak it from view? Either way, it's an impressive multi-trillion dollar sleight of hand.
The assertion is not so much that poor people cause inflation; rather, that inflationary fiscal and monetary policies are often only recognized as such when they happen to benefit middle-to-lower income people.
Example: PPP Covid programs which pay business owners billions is necessary and proper given the circumstances, but direct payments to taxpayers is not because it will cause inflation.
In truth, they both provide relief, and they both contribute to inflation.
Assets have been artificially inflated for a very long time due to QE and low interest rates and the Fed's balance sheet.
If that were single handedly the reason for corn and lumber to get more expensive (general inflation) - we should've seen that a long time ago.
There's a lot going on - and it's hard to blame everything on the Fed. Rising inequality? Sure. General inflation? Not convinced.
When wages go up, it can either go at the expense of profits, or at the expense of prices (Or, most usually, both). The labour shortage in the pandemic created upward wage pressure, which added to existing pressure[1] caused by rising housing/healthcare costs.
Notice how interest rates went up, as unemployment hit an all-time low? Capitalists hate low unemployment, as it causes wages to go up. Raising interest rates cools off the market, reduces the number of speculative investments, and increases unemployment.
There's a reason that the government always wants a few million people to always be jobless. It puts the brakes on wage growth.
[1] This is most notable in resort towns. As housing prices went up, nobody who works a service job can afford to live in them anymore - so all the workers pack up, and move to the city. As a result, businesses either have to raise wages, or shut down, or significantly reduce their hours. For some reason, tech folks vacationing in their lakeside dachas aren't keen on putting in a few hours at the local grocery.
If these were your only choices you were on the edge of profitability right before a global pandemic hit. Plenty of reasons for that. Commercial Rent Control is "progressive" and the people who own property like this can afford to let it sit vacant indefinitely and will literally abandon this amount of profit because they feel like it.