The great depression wasn't caused by just people saving money. The US imposed massive trade tariffs prior to it, which as predicted by basic macroeconomics had

The great depression wasn't caused by just people saving money. The US imposed massive trade tariffs prior to it, which as predicted by basic macroeconomics had a big negative impact. It also added price controls, even on labour, which again as predicted by basic econ prevented the market from clearing and led to mass unemployment (as deflation was happening, price floors prevented wages from following it, so in real terms wages were too high for employers to afford, causing mass unemployment). Those price controls BTW are why health insurance is tied to employers in the US: because companies at the time couldn't offer higher wages above the price ceiling, so instead compensated by offering benefits like insurance instead.