The Problem Isn't Inflation

We are running a multi trillion dollar deficit and adding trillions to the national debt as a percentage of g d p now approaches the high established afterworld war two. Printing large amounts of money has had severe consequences in the past. We've been engaged in deficit spending for a long time without any rekindling of inflation or other ill effects. The lack of it is modern monetary theory says, over simplifying, that deficits and debts don't matter.