The US isn't going to start facing meaningful consumer inflation for the exact same reason Japan didn't / hasn't. And for the same reason all the Keynesian economists have been hilariously baffled by Japan's situation for decades now, they'll be entirely baffled (and have been for the past decade) by the US and its 0% rates not spurring rampant inflation. Their dogmatic, borderline religious, belief in their wrong ideology makes it impossible for them to understand what's actually happening. They're entirely blind.

The ever-expanding massive pile of debt robs the economy of dynamism, which prompts an economic heat death. That's what happened to Japan and it's exactly the reason US growth keeps trending ever downward and will continue to and why the Fed has been doing crazy shit and can't spur the expected inflation result. The US has begun to suffer a debt-based heat death economically, where the cost of debt and the (mis)allocation of capital to low-return (de facto junk) debt robs the economy of the capital required for investment to expand effectively. And the more debt piles up the worse the effect gets, until you get to a point where the bureaucrats in charge just start doing direct currency chop-downs (aka mauling the population's standard of living), which is the point Japan arrived at several years ago. You end up with tens of trillions of dollars tied up yielding zip, heat death. Covid accelerated the dire fiscal situation for the US by nearly a decade, which is about to hand China the keys to taking superpower charge of half of the planet (if you're in Asia, you're particularly about to be screwed, as the US is going to be increasingly forced to stand-down there; before the decade is out, a transfer of hegemonic power will occur in Asia). The US is now blatantly bankrupt and spiraling (not just slipping toward it, the US is sprinting at it), it will be forced to pull back. The US jumped right to print to fund everything mode (there is nobody to buy $1.5-$2 trillion in junk debt every year other than the Fed), which will speed up the heat death by a lot (and as that gets worse, the politicians will want to spend ever greater sums to attempt to offset the stagnation to placate the angry voters, which will make it worse even faster; spiral). If China didn't release the virus on purpose, strategically it would make perfect sense to do so (and hell, if you're them you might consider doing it again given the amazing results, their global export share is now the highest for any nation since the US in 1981).

And to throw a new wrench into the economic disaster, the American population has had enough of it all. The clowns in charge in DC can no longer throw around bailouts without having to pay off the public with magic printed money too. They'll never be able to do bailouts again without throwing large sums of money at the public (all via debt and currency destruction, adding to the previously mentioned economic heat death scenario). $2,000 stimulus checks? $463 billion, 2/3 of the military budget. You see the choice that's coming very soon? The bureaucrats can feel it at this point, their senses are tingling; this, or that; this, or that; which will it be? For a bit yet they can pretend we can do both, but that won't last much longer at the rate Rome is fiscally burning. Then all hell breaks loose (already begun) as the factions start to eat eachother over priorities.

Europe is enjoying much of the same effect, including the intense economic stagnation (for 13-14 years now Western Europe has seen zero net GDP growth, and it'll continue). Trillions of euros held in garbage paper yielding negative, their economies have been in the freezer for a long time now. Nothing like paying a government to eat you.

Inflation will once again surprise the clown economists. Golly gee, what magic is this such that 0% rates aren't causing a lot of inflation. Golly gee it worked before, what's different now versus the 1970s. We just can't figure it out, our textbooks say this should work. Print more fiat, we gotta spur inflation! $20 trillion in worthless Keynesian stimulation isn't enough? Print more! We'll find the number eventually, keep digging that hole.

No field has more idiots than economics.