Counterintuitively, I'm not really against the deduction. At least as a mostly apolitical person I'll say, I believe it's a net gain for me personally.

But if you were an economic planner the equations involved here are really simple. The more cash you push out to consumers, the harder it is to fight inflation. You could make an argument that it is neutral to inflation if you believe this would mean a cut in government spending that was proportional to the increase in consumer spending, but back here in reality, the government just spends what ever it's going to spend on deficit and prints debt so the meaningful metric is private sector liquidity.