If you analyze your own argument you’ll realize that you are making my argument for me. American debt would not cause worldwide inflation, yet it exists. In this case, the policy Biden took caused the price at the pump to more than double. That increased cost had to be covered by every producer of everything. From the farmer’s tractor, the miner’s bulldozer, every shipper’s vehicle, to every employee’s transportation to and from work. The electric company and even the water company had to raise prices to cover the increased costs of energy and every employer had to then increase wages so their employees could cope with their increased expenses. The spiral was started and it has not stopped.
Your suggestion has limited likelihood of success as it would decrease the amount of available capital, a necessary step in correcting the problem, but only minimally. If you want to jumpstart the correction, Biden’s proposed corporate tax hikes will help. Together they would speed up the reduction of discretionary spending consumers are already participating in and it would force corporations to take the steps to reduce expenses that they’ve already begun. Layoffs. Then recession (that may have already started) then, after time, and some responsible monetary measures, the economy can recover.