Inflation observed at the retail level is a subtle psychological phenomenon. There's no question we are mostly in a cautious and money-hoarding mood. But that can change with a lttle government inducd wage-push inflation. It will take years to change the greater psychology and it also depends on avoiding completel collapse.
No it can't. The fed conducted a massive monetary policy shift to re-inflate prices and the results have been limp. The lefitst controlling the Senate and the Executive branch did likewise with huge tax'n'spending programs and still money stayed in the mattress. People are simply not going to hire knowing that the minute they do they become targeted as the evil racist rich.