From what I understand, we’ve already pushed the limits of option 2 during the Housing Crisis and COVID. Printing more money is talked about as though it’s impossible without causing more harm than good.

The neoliberal claim that the amount of money printed directly influenced inflation has been tested and couldn’t be proven so far.
Hyperinflation is either caused by too much demand or too little supply of goods, or by greedy fucking billionaires price fixing.

They still keep making that claim and neoliberal governments (pretty much all of them) still act on it because it makes rich people richer. Nations sell their public infrastructure or make other bad deals to beg private actors for money, those earn interest and dividends.

As long as the USD is the de facto world currency it also seems highly unlikely that any amount of money printing would hit it’s value too hard. There’s always demand for dollars. On the other hand, Trump is working hard on incentivizing the world to use different currencies.