"Now both huge companies and local governments are hoarding cash. Which is problematic for the economy as a whole." Only if you insist on maintaining aggregate

"Now both huge companies and local governments are hoarding cash. Which is problematic for the economy as a whole." Only if you insist on maintaining aggregate demand. Which we all probably do - certainly I do. But it bothers me that people trot out the "accounting identity" that public and private sector output cannot simultaneously fall - typically in a very condescending, mansplaining fashion - without acknowledging that they can absolutely be disconnected, provided you're willing to accept a drop in aggregate demand (and, presumably, deflation, hurt feelings, etc.)