Reasonable deficit spending is not the cause of inflation. As populations and economies grow, so must the money supply. Reasonable deficit spending is one mechanism to accomplish that. The practical economics of a sovereign nation are essentially different from individual and corporate economics.
In the U.S., the greatest recent major increases of the deficit were the unfunded tax cuts for the wealthy perpetrated by the first Trump administration (and the emergency spending for the COVID pandemic). Even with that, U.S. inflation was declining until the effective monopolies that control meat packing and produce unjustifiably increased food prices because they could. They could because monopolies are not constrained by competitive pressures.
The inflationary pressures from that mostly impacted the middle and working classes and probably impacted the presidential election.
Modern national currencies are rarely backed by commodities like gold. Their value is primarily determined by the value of the country's economy and the confidence of its citizens and trading partners.
There are recent examples (Venezuela, Argentina, and the late Yugoslavia) where "printing money" resulted in loss of confidence and hyperinflation. But that is not equivalent the the more restrained currency management of the U.S. and most of the EU.
The perils of prudent deficit spending are a mostly a bogey man used by political parties against their opponents. As did the Republicans (who's previous administration cut taxes on the ultra-wealthy while running high deficits) recently did against the Democrats.
Before Trump, I had been a conservative Republican for most of my life (I'm 78), until I took a serious look at the real numbers and the real outcomes. What I saw was a party whose policies inevitably funneled money to the top few percent at the expense of the rest.
Sadly the Democrats have been only a little better.
To reiterate, I believe that high inflation is the result of the systemic problems I have outlined — with the primary being the rise of speculative markets, mergers, and corporate consolidation — and that it mostly impacts the working and middle classes — while having no perceivable negative impact upon the wealthy.
