Well the house has officially passed the $2T stimulus... so fire up "the printing presses"! Imagine a stack of $1M in cash (google it if you need to). Now make as many stacks of that as are pixels on my computer screen (1920 x 1080). That is what 2 TRILLION dollars would look like.
On a side note, I am happy that I submitted my taxes already for 2019... that gives us $500 extra for our son that was born in September.
The federal government is borrowing money to pay for the $2T stimulus, so no printing presses involved.
Now at the same time, the Federal Research has created or will create about $4T with asset purchases, loans, swap lines, etc. That's where the (digital equivalent of) printing presses are at play.
My guess is that we'll see a big enough drop in the velocity of money as individuals and companies try to build up their reserves against the coming recessions/depression that even this big increase in the total amount of dollars circulating in the economy won't be enough to provoke significant inflation overall inflation, but I could certainly be wrong.
My guess is that we'll see significant increases in prices for some things (like food* and healthcare) and flat or decreasing prices in most other spending areas.
*Don't think we're at all close to an actual shortage of food. But a lot of the cost of a loaf of bread you buy at the grocery store is labor. The new unemployment benefit that is part of the stimulus bill pays the equivalent of about $40k+/year ($20/hour). So it is going to be somewhat more expensive for grocery stores, food delivery companies, and amazon -- who usually pay less than $20/hour -- to increase the size of their workforces to deal with growing demand as america sifts almost entirely away from eating away from the home.
