Government spending on deficit doesn't have to cause inflation immediately. it just is likely to cause inflation eventually. For example Debt to GDP was low an

Government spending on deficit doesn't have to cause inflation immediately. it just is likely to cause inflation eventually. For example Debt to GDP was low and interest rates were high throughout most of the last 40 years so it mostly didn't cause inflation, it caused us to move towards higher debt to GDP and lower rates. But that game eventually plays out and the system requires the stimulus to avoid a deleveraging event but you don't have rates to dig into or GDP to borrow against. But just saying we did it a bunch and it didn't have that effect last time I think really misinterprets the situation