I'm sorry but I think you missed something a bit relevant aka 'Global Pandemic' which literally shut down massive swaths of the global economy, and was material

I'm sorry but I think you missed something a bit relevant aka 'Global Pandemic' which literally shut down massive swaths of the global economy, and was materially the biggest extant shock to the US economy probaby ever. And I mean ever, except for literally the Civil War, and maybe but not really the Opec crisis. Ok maybe the war of 1812. Historically, we would have just 'let people die' and work through it, but this time we want to react and try to save lives so we shut stuff down, but it's existentially damaging. Hence money printing.