My understanding is that the bottom of the wage scale have seen the biggest gains, in real terms (https://fortune.com/2021/12/10/inflation-wages-low-income-wo...). Its the middle and upper middle class that are being made (a little) poorer by inflation. A fine trade-off imo. And given the asymmetry of the risks policy makers faced (great depression vs higher than average inflation), they wisely went with the risk of inflation.
And its not clear that US federal spending is causing the inflation. Month-on-month, the trajectory has been remarkably similar between US, UK and EU.
Update:
I think some people's views of this are skewed by the prices in the places they live. It's worth while doing the comparison of what can be bought for about 1.4 million, in Roanoke:
And its not clear that US federal spending is causing the inflation. Month-on-month, the trajectory has been remarkably similar between US, UK and EU.
https://econbrowser.com/archives/2022/01/inflation-us-vs-eur...
Update: I think some people's views of this are skewed by the prices in the places they live. It's worth while doing the comparison of what can be bought for about 1.4 million, in Roanoke:
https://www.zillow.com/homedetails/15-Cardinal-Rd-SE-Roanoke...
and in Los Angeles:
https://www.zillow.com/homedetails/2495-Butler-Ave-Los-Angel...