Where is inflation

The money supply M1 consists of cash in circulation and checking accounts. On April of 2020 it was $4.77 trillion and today it is $18.5 trillion. Since production of goods and services have not increased any where close to this it should create inflation based on the old economics explanation, which says that inflation is caused by too many dollars chasing too few goods. Inflation rate over the past 30 years has been so low that most people pay no attention to it. Over this same time period the debt has increase from one trillion to $29 trillion. Where is the inflation that everyone is waiting for. All the experts say you can't keep spending more than you take in but that has been going on since the country was founded. Is it time for a new kind of economics and is modern monetary theory (MMT) coming along at just the right time. This theory states that you can keep printing money without fear of inflation until you reach full employment.