Sorry.
If velocity of money declines (meaning the average dollar changes hands less frequently because people aren’t spending or investing) you need to increase the money supply to keep prices stable. Otherwise deflation kicks in. As we continue to work down our debt (non-governmental) we need to not let deflation occur because it makes paying off the debt much harder.
Frankly, given how much the money supply has increased, overall inflation increases haven’t been too bad. Gas prices and food have inflated but housing costs have come down so much of it has been a wash, regardless of what the CPI and other inflation stats show.
So far the balancing act has had some success, lets hope it continues as we work our way out of this mess.
It seems to me we're entering the trap that Professor Nouriel Roubini of New York University alluded to back in 2009.