The good counterpoint here is Japan, which has insanely high public debt (about 200% of GDP), invented quantitative easing, and has struggled to hit 2% inflation for several decades now.
If Japan hasn't been able to hit a hyperinflationary spiral based on its debt-fueled trajectory, then the US (which is far less along that path) isn't going to be hitting it anytime soon.
As nuts as it sounds I suspect high levels of debt may be a hint that there isn't enough money printed into the economy and the debt is a symptom. That more supply doesn't drop the demand significantly seems like a hint. I would love to hear counterarguments because this seems odd even to me.
I suspect it is quite possible that we can vastly increase the money supply in circulation without vastly effecting inflation. There have been a number of injections of money into the economy over the last decade or so, and inflation has been incredibly stable. Perhaps the world's ability today to rapidly ramp up production to meet increased demand helps keep prices relatively stable. It could be that the complexity in today's economy acts like what is seen in complex ecosystems, where relative stability of the overall ecosystem is maintained by all the built up ecological relations among species.
Japan is aging and also had a strong saving culture to begin with. For money to inflate consumer prices, consumers have to be circulating the money around.
QE tends to inflate stock prices and real estate, things that institutional investors like sitting on. These however are not necessarily reflected in some measures of inflation; US CPI doesn't include stocks, and it involves what can best be described as a guesstimate for rents. So this may be Goodhart's law in action: "When a measure becomes a target, it ceases to be a good measure."
If Japan hasn't been able to hit a hyperinflationary spiral based on its debt-fueled trajectory, then the US (which is far less along that path) isn't going to be hitting it anytime soon.