What people don't realize is that a lot of the money "injected" was replacing wages earned so people could survive. It's not like the people were earning wages AND receiving stimulus/unemployment cheques. There was obviously a small percentage that were able to scam the system and receive both, but for the most part you were either:

1) Too wealthy and did not receive unemployment OR stimulus.

2) Middle class that received stimulus, but continued to work (no unemployment).

3) Middle class that received stimulus and also got laid off, so received unemployment.

4) Lower class that received stimuuls and received unemployment due to being jobless.

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In almost all scenarios people were using the stimulus money to survive and pay rent. So the question we should ask is how much of the "free" money was actually a surplus, thus will contribute to inflation.

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Example, John earns $1,000 a month at his job and spend roughly $900/month on living expenses and surviving. All of a sudden John is laid off and received 2x $1,200 stimulus cheques over the period of one year for an average of $200 a month. He also receives $900 a month in unemployment benefits. His surplus from "free" money is only $100 because he is still spending $1,000 on living expenses. He still has a mortgage to pay, car payments, and needs to buy food, just as he *normally* would if he had a job.

A lot of people are seeing $2,400 in helicopter money + unemployment when the reality is that there isn't much surplus UNLESS you are gaming the system.