if its not spent its accumulated as dollar assets
a massive transfer to wage earners even the un constrained has wealth effects when accumulated
debt reduction by households out of payments off uncle 's credit card
is like petite QE ...no ?
of course reduction of real debt over hang is mostly
the work of wage inflation in the mid to long term
but now its nominal debt reduction
which if it is not combined with a household credit trend growth rate reduction.....
place all this under the heading :
spending out of income v spending on credit
which is better for households in the long run ?
but even if you insist on credit driven recovery
compared dollar for dollar
at least equal QE punch