Why You Can't Print Money and Spend It Without Producing Income

If you hadn't had an incredible monetary fiscal response, that's other than wartime unprecedented in the sense of making corporate balance sheets whole. You never have a recession where households come out with a better balance sheet than they went into the recession or corporations. So if you now take that through today, that increase in the balance sheets for households is what's allowed savings rates to continue to fall despite the normal driver of savings rates and wealth effect. Savings rates decline massively supporting growth, and they continue to be quite low and falling.