Yea you raise a fair point. What matters is, where are those dollars now? If more so in the hands of rich people, who have a higher propensity to save cash, the

Yea you raise a fair point. What matters is, where are those dollars now? If more so in the hands of rich people, who have a higher propensity to save cash, then those dollars are likely more removed from the economy in a way. Partly why we track Money Velocity as well: https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V