Inflation is too much demand chasing too little supply. If the money printing simply replaced missing demand, should we expect any inflation?
If demand stayed constant while supply decreased because fewer people were working, yes I would expect inflation.
I think that's too simplistic. If it were true you could just print your way out of any down turn with no consequences. Crazily enough there is a mainstream view in macroeconomics that you can do just that. I think people aren't stupid though. If suddenly there are more dollars, then a dollar should be worth less. Hence inflation.
Yeah, I accidentally left that out of my comment. I agree though, inflation is what we need to be careful of.
I don’t like the rhetoric that we will need to pay it back in taxes though because I find it misleading. The real is inflation, not some debt to be paid.