1. Young people are consolidating into multiple roommate situations and this is driving up rents (and maybe even sale prices) on everyone else. Single people and single families are paying more because 3 young people can pay $450 each per month easier than a single family can pay $1350 per month. It's distorting the rental market, plus property taxes are rising too.
2. Student "loans" are being used to finance lifestyles of young people without careers to eventually pay for the loans. When I went to college, loans and grants were paid directly to the school. Now, the students get the checks and spend them on a lot of things other than school. Is this a backdoor stimulus?
3. Banks are starting to lend again. It may reinflate the debt bubbles (how big can they get?) but it will lead to inflation. This is why inflation has been somewhat subdued since the bailouts started. The money hasn't been circulated but I think it's starting to make it's way into the economy now. Just for reference, the dog food I buy has gone up nearly $10 from $50 to $60 for a 30lb bag in the last 4 months. Is dog food included in CPI? Probably not.