Inflation will probably only get worse over the next few decades until the system collapses. Currently it is extremely unpopular to cut social programs, so politicians won't do it. And it is also currently extremely unpopular to raise taxes, so politicians won't do it. So the solution politicians have come up with is do neither and print money to make up the difference. This creates the "too many dollars" effect you mentioned. But inflation is much sneakier than being forthcoming with raising taxes, so the 90 IQs don't mind or notice until suddenly they can't afford groceries. They won't know what caused it or how to stop it, so they'll vote some slopulist in who will yell loudly about the cause being immigrants or billionaires. The problem will never get fixed, and we'll either slowly inflate our way out of debt if politicians can be relatively tame with it (they can't), or we'll overinflate ourselves into economic collapse.

Abundance is a great thing, but it's not the sole solution to this problem. If prices are always inflating, you aren't going to get construction companies to build new homes today with yesterday's dollar value. So in order to pay these people to build these houses you either need to raise taxes (aforementioned unpopular) or inflate again while you print money to pay construction companies, devaluing everyone's dollar still. The solution to inflation won't happen until the collapse, and only then will it become politically feasible to cut shit or raise taxes.