Further, the deleveraging of the consumer has the effect of lowering money supply (Dr DDA accounts, Cr loans) so in many ways, the consumer is in great shape for the most part.
The inflation we are seeing is likely a result of scarcity, not too much money.
Now, when that M2 gets deployed...
....and that money may be parked as a security cushion for people expecting to get canned because they resist the vaxx mandates.