That somewhat unnecessary influx of money is what allowed prices to jump, but it’s also interesting that our rate of inflation was persistently lower than many other developed nations, so it may not have been totally unnecessary.

Isn’t America’s low inflation relative to countries that intervened less the proof that the influx of money was not that cause of inflation? Not so much that spending the extra money actively reduced inflation, but it just turned out to not be a major factor. Meanwhile the extra spending was hugely important for keeping the American economy growing, while underspending held back many other countries.