The fed has been slowly draining money with higher interest rates (or maybe more precisely have slowed the increase in the money supply). That part is potential

The fed has been slowly draining money with higher interest rates (or maybe more precisely have slowed the increase in the money supply). That part is potentially symmetrical. It’s the inability for the fed to effectively convince congress to increase taxes and pay off debt with it that is the impossible problem. What drives inflation is the expansion of the money supply, which didn’t happen when spending happened, the expansion essentially happened when the velocity of money rebounded (I am grossly over simplying BTW, since inflation can never be uniform). The fed needed to be able to pull money out at a fast rate as velocity started to rise, by doing the reverse of what happened when velocity fell, which was, for all intents and purposes, spending money. Taxing is generally the way to take money out of ciculation. Selling stockpiles of assets is also how the fed historically dealt with this, but if congress spends “on the fed’s behalf”. They need to also tax “on the fed’s behalf”.