For example I benefited handsomely from the asset inflation in the stock market, and used some of my proceeds for consumer spending. My relatives benefited from inflated housing prices, sold their house and are now living it up in their retirement.
Why doesn't more 'leakage' like this take place over a decade?
How do you convince someone that one group of experts is telling the truth?
Economics isn’t a hard science. The system is too complex to create theories and test them, so every theory is tested in the production environment of the (usually poor) peoples lives that these things effect.
And hey wouldn’t you know: the rich elites who make up the economists who propose these absurd ideas like “velocity of money” also end up being in the same class as the ones who make billions or trillions of dollars off of their economic theories.
100s of millions of checks, amounting to trillions of dollars. This is economics 101 that directly printing the money increases inflation. These kind of money accumulates in the hands of few and the market had been quick to act on concentrating the $1200 checks.