We should do it again but the right way this time.

Give literal zero interest loans from a state bank based on social value and economic priorities, just like they do in China. And set up an extreme progressive tax (90% top bracket) on returns that are paid out to owners to make sure everything gets invested back into production.

More investment is the driver of economic growth. All the bad parts of ZIRP came from letting companies use the money for unproductive activity. If it's used efficiently the downward pressure from higher product supply will be stronger than inflation from more money in the system. And you get more demand in the labor market leading to higher wages.