I agree with everything you have said here, but I think this part is less applicable to the US. Our economic model as managed and planned by the Fed (and Wall Street, by proxy) is insane but even "insiders" like Jerome Powell understand the necessity and the ability of the US to print more in order to stave off the effects of the lockdowns. Congress is possibly more blatantly feckless and corrupt than the Fed, and they're refusing to take action and put money in the hands of the people. Whether this balancing act of printing more money and preventing inflation long term while maintaining USD as the world's reserve currency will work is a question of financial engineering and a separate discussion, but I think the government (at least in the US) COULD help tremendously if they wanted to. It's mostly a question of redistribution, and American politicians are ideologically opposed to that.
I agree, the newly printed money could have been used much more wisely but it is what it is. Btw, come to think of it now, it is actually in the best interest of the US for most of the rest of the world to continue with the lockdown while the US is open and restores its economy. I think this is one reason China re-opened so early (despite the risks of not knowing back in April/May how dangerous the virus really was) and is now back to full speed economically - it attracts "dead" capital from all over the rest of the (lockdown-ed) world. Same goes for the US, if it reopens and the rest of the world is in lockdown (or at least the other major economic powers such s UK, Germany, France, Brazil, etc). So, I am not sure why one of the parties here continues to push for continuing with the lockdowns...unless they stand to personally gain from it at the expense of the US, which IMO is pure treason and should be fully prosecuted.