If we get massive deflation from a “dollar short squeeze” (which I don’t actually think is likely but it’s what OP was suggesting) that means we need more inflation, which printing money would produce.

My understanding is that "printing money" with a jobs program would be more effective at stimulating spending that, say, "printing money" with cheap interest rates (which might just mostly ultimately go into people's bank accounts as they sell assets to people borrowing the cheap money).