The effect is an effective 6% tax increase on everyone by means of the price of gas and food etc. The MBS buying means also that trash mortgages, held by banks are being transfered to the US tax payer, a continuing bailout of the banks (TARP at 800 billion was chump change). The QE programs make the bailout closer to 6 trillion plus.
It also means the government can continue to deficit spend money it does not have in by way of this hidden tax, in addition to any tax increases. None of this actually helps employment. The continued low interest rates penalize savers and the elderly, genuinely putting granny by the curb.
Here is the latest CPI press release from the BLS. Please pay particular attention to how many times the words "food" and "energy" are mentioned.