Yes, it is. But keep in mind that the USA traditionally has been able to print a lot of money without having horrible inflation. USA can get away with this due to the petrodollar system and the fact that it's the world's reserve currency. Defense companies are an integral part of the petrodollar system: Iraq priced its oil in Euros, look what happened to them.

https://www.cse.unsw.edu.au/~norman/CurrentAffairs/DeeperNew...

https://www.investopedia.com/articles/forex/072915/how-petro....

Anyway, with this as a given, why should only the rich benefit? Printing some money for the rest of us is only fair.