The Jevons paradox was noted in the 19th century when the world was far less wealthy than today. Recent American monetary policy has little relevance.

There’s many more examples if you look up induced demand - a similar effect is the Downs–Thomson paradox, where adding more roads increases traffic congestion in the long term. You may see a short term improvement (the same way a struggling company that increases productivity will let go of employees) but eventually a new equilibrium is reached.