Not sure this tracks. The critical factors are where the cash goes, where it is either cached or spent, and how much slack there is in the national/international productive capacity. Cash in consumer's hands is only inflationary if it outstrips the supply of desired goods. Strong consumer spending can lure cached capital out of hiding in corporate coffers to be invested in capital improvements to expand production and corporate profits, which can support equity values.

I definitely agree that capital is currently hiding in equities holdings, and divestiture will definitely drop equity prices. The question for the last couple of decades has been divestiture to where? There was a period when capital was flowing to emerging economies. Possibly with government leadership some can flow to the infrastructure/energy investments you mention.