system
Given the following post, respond as if you're commenting on Reddit:
human
Can someone explain to a dumb person like me how printing that much money won't increase inflation?

There seems to be two schools of thought when it comes to economics,

And on Twitter I mostly follow right-wing, conservative, pro-bitcoin influencers that say we will soon enter hyperinflation as the government is printing too much money.

The US government doesn't seem to think so...

Can someone explain to me HOW printing that much money won't cause super high inflation?
gpt
If the economy were operating at its potential output level, then you would be right. However, in a recession (such as this one), the economy is operating at an output level lower than its potential. This means that there are unused resources in the economy -- things are not operating efficiently.

Monetary policy (manipulating the quantity of money in the economy) is a tool that is used to help correct this. In the case of a recession, increasing the money supply theoretically stimulates the economy, and helps us return to potential output. This happens because in a recession, the velocity of money is lower than usual, so the quantity theory of money (which assumes the velocity of money is constant), doesn't really apply. The quantity theory of money is where economists get the idea that generally, an increase in money supply leads to an increase in the general price level.

Despite a low interest rate, people are still saving, when we want people to be consuming (putting money back into the economy). So money is being stored away as opposed to being circulated (this is what's meant by low velocity of money). 

For example, you can take a look at the stats after the 2008 recession. The Federal Reserve increased the money supply in a similar way, but it didn't result in hyperinflation.