It’s all a pretty half-hearted way to address the obvious:
We printed something like 7 trillion dollars, which is about 28k per adult.
If you and everyone you know are not 28k richer than you were before COVID, then someone has your money.
It’s probably someone rich. And you know what the rich do with more money? They don’t spend it on goods and services. They buy assets, to make them even more money — money that comes from you.
It’s like Gary’s Economics says in The Changing Shape of Great Britain: When the rich own all the wealth, ordinary people can’t work for each other, so they have to work for the rich to make goods that are sold to the rich.
Major consumer divide: The rich keep spending, as poorer Americans struggle (www.axios.com)