If only that were true we could easily fix the problem. But it's not.
Inflation is inherent in our banking system which is based on the principle of "Fractional Reserve Banking". In a nutshell that means that U.S. banks can loan out multiples of their total deposits. For example, if a bank has total deposits of, for example, $1.0 billion they might loan out $5.0 billion. Where does that money come from? The answer is it comes right out of thin air. So the bank pays out interest to the depositors for $1.0 billion while collecting interest on $5.0 billion. That's better than a Ponzi scheme because it can go on forever and it's not against the law. In fact it is in strict compliance with the law. It just happens to have this interesting side effect that sometime in the future a roll of toilet paper will cost more in dollars that it cost to build the Empire Estate building. This system guarantees that will happen.
Fractional Reserve Banking has been in place for nearly 100 years in this country and it has continuously diluted the value of your and my savings. It is, as a wise man once said, the reason there is no more penny candy, just dollar candy. Your grandchildren will one day ask: Whatever happened to dollar candy?
My understanding is that the fed has flooded the market with dollars because the velocity of money (meaning less leverage/borrowing) has slowed considerably. that is there is some kind of equivalence between velocity and volume. Further that the point of doing so is precisely to spark inflation to put a floor under falling real estate prices. They may have another 20-30% to go on the downside.
What the fed is currently worried about is deflation. Their strategy might work but a falling dollar jacks up the price oil because it hurts the value of the dollar. Rising oil prices skim off any capital formation.
So the USA becomes poorer relative to the rest of the world without the the rest of the world being harmed by bad US policy.