If my income drops by $10 is that materially different than the price going up by $10 instead? In the end I have a $10 deficit. By letting supply and demand work itself out and making sure the friction for supply meeting demand is minimal (I.e., shipping and fuel costs low and capacity high), inflation would disappear as suppliers met the demand induced by any excess liquidity in the market. The world has an amazing capacity to produce, but it’s being bottlenecked by fuel costs and shipping capacity. That means if you can improve that bottleneck the excess cash you mention is consumed into production and capital investment to meet the demand. That’s expansive to the economy and generally good for everyone. The fed trying to lower shipping rates by making demand disappear is contracting the economy, is recessionary, and leads to widespread suffering. Neither path happens over night, and both inflation and a recession hurt - but the outcome of economic expansion is better for everyone than contraction.

Note I’m not saying don’t deal with inflation. I’m saying inflation is caused by bottlenecks in supply meeting demand. Stimulus increased demand, and that increased demand can be met by suppliers but the cost of shipping in all dimensions is very high historically. Removing bottlenecks and expanding economic throughput also solves the inflation we see without everyone being miserable.