Yes, this is the consequence of increasing the supply of dollars.
Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press(or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation. Of course, the U.S. government is not going to print money and distribute it willy-nilly (although as we will see later, there are practical policies that approximate this behavior).
- Ben Bernanke, 2002
COVID stimulus turned out to be a great 'practical policy' to approximate that behavior.
The argument that the USD is the 'least dirty shirt' among the fiat currencies is true, but doesn't address the fact that the USD is being inflated by government policy.
I buy goods and services with dollars, and the dollar doesn't go as far anymore, because the government is stealing purchasing power via inflation.
I pointed out the pace of this activity and asked 'what do you think will happen this fall to change any of that, or arrest the trajectory of federal borrowing'?