Remember, sometimes things don't work until they do. Specifically meaning that they don't work until "enough" was spent. There is no guarantee that it won't spur economic activity if done at enough scale, and targeted at the right things which is something you are leaving out. Much of the newly created money back in 2008/2009 never made it's way into the broader economy, mostly just sitting on bank's balance sheets, and thus no inflation was felt. This time is different in that much of this money is going out to people and to places that likely eventually makes its way into the broader economy. So indeed, the results may in fact be different this time around. Either way, my opinion is such that I would not be surprised to see inflation start to pick up in late 2021 or early 2022 based on the pandemic spending and subsequent likely economic recovery.