This still fails to explain why the US is seeing lower inflation than most of the rest of the world, almost none of which has the borrowing capacity of the US federal government.
The rest of the world is not uniformly seeing inflation. I heard this morning that Canada is at 3.5%. Korea is at 6%, and this is driven by import prices, since the USD is at high demand.
Domestically to the US, it's more complicated. Boomers are retiring causing a labor crunch, but businesses are attaining record profits which just about match the magnitude of price increases.
The majority of Covid debt originated prior to January 20th 2021, and with a GOP majority in the Senate. Of the $1400 stimulus sent to individuals, the previous President, the previous Senate Majority Leader, and the 2 incumbent Senate candidates (that didn't win) each campaigned on the equivalent of the $1400. The previous administration is also on record as rejecting audit measures for the Payment Protection Program. The previous administration nominated the fed chairman that increased the federal reserve balance sheet and tools well beyond 2008-2009, while also not adjusting the pace despite the federal stimulus above (and other stimulus until Fall 2021)