Money is like points in a Ball Game. There is never too few points. The score keeper always has enough points to score the game. As long as a Nation protects its Sovereign power to create its own currency there can never be a shortage unless a shortage is deliberately created to cause Deflation and Depression to benefit the hoarders of monetary capital. That is exactly what happened in the Bank collapse and that is exactly what the Radical Republicans are doing in their drive to impose austerity on Working People. They sure as hell are not asking for Sacrifice from the Wealthy. Their is less money in circulation now than at the beginning of the Great Recession.
There can be a shortage of labor that forces up wages in good times. The GDP bean counters would call that inflation. There can be stressed productive capacity in Good times that will inflate the price of goods and be call inflation. That too happens in Good times. There can be a shortages in resources that will push up prices in good times.
But notice that the key is that general high inflation occurs in good times when the shortages is in the ability to produce goods & services. Inflation is the result of shortage of everything except money. Austerity in times of high unemployment [excess labor] and excess productive capacity [idle factories& productive capital] is sheer insanity and no School of Economic Theory will change the facts that things will get worse - not better when you start laying people off.
When people are not working and roads are falling apart and bridges are falling down it is time that the Nation's Money Creating Score Keeper makes more money to put people to work. When we have a failing educational system and teachers are being laid off, it is time to create money and put them to work. When the nation is falling into third world dilapidation, it is time to make the money and restore our march into the Future. Money creation in time of need is not the problem. Money destruction to feed the Greed is the problem. Forget your Philosophy and do your math.