Wrong and wrong. This is transitory in the sense that the biggest helicopter drops have already occurred, savings are already dwindling in the bottom 20%, and CC debt is beginning to rise again. I'd also argue that this was not irresponsible spending. We'd have had a near economic depression when we shut down for COVID were it not for this money printing, instead we have some inflation...which is still magnitudes away from what is reasonably called hyperinflation. The poor and middle classes have had stagnant wages and salaries for decades, and our inflation has been *too low* limiting growth and burdening debt holders, which most are with student loans. We've just witnessed a large transfer of wealth to the lower and middle classes, and the economy is booming. Transitory inflation will be seen until production increases. As you know, supply shortages can be overcome by increasing production and we do not have major wars disrupting production capacity.
All this hysteria over moderate inflation is being stoked by those that have been rent seekers sitting on their wealth, enjoying that the value of their lent money barely decreases.
edit: We've had higher inflation just for a few months and to those saying that its now clear it isn't transitory, 'Transitory' for an economy is a year, at the minimum, not several months.