Source of inflation could be Covid money

"Did you ever stop to wonder- there was $2.5 Trillion of excess savings due to the pandemic free money? So that money was not needed by the recipients since it went into savings and more went to pay down of credit cards. In short- it was unneeded money transferred from the tax payers to the 50% who are non-taxpayers. So, it then follows that a major portion of the $6 trillion of pandemic give aways, and especially the last $1.9 trillion in March 2021, was a waste of funds, and all that extra spending created the excess demand which is now manifesting itself in 12% inflation to those people who got all that free money they now need just to buy gas and food. And now they are proposing spending another package of hundreds of billions and raising taxes further as we head to recession. Stupid does not begin to define the economic team at the White House." From Ross Rant, [investment newsletter] June 12, 2022