Yes, that is the trillion dollar question.
I think we are in uncharted waters. There has never been a superpower hyperinflating before.
My theory: With unions dead(7% and falling) and so few people working(same size US workforce today as the US had in 1970?) there is nothing pushing prices up; remember “cost push inflation”? So the debt doesn’t matter, for now. If people get off their asses and go back to work then inflation will take off. Right now the slackers on public assistance are making just enough to get by and are happy with that, they are not really huge consumers.
Isn’t it that the velocity of money is at a near stagnation rate
that is keeping inflation down?