"I spent my check on groceries when I got it, and put the rest into savings."
That is entirely appropriate. When the economy is depressed, we want people to both spend more and pay off any debts they might have, so your mix of spending and savings is just what the economy needed. The boost to consumption helps the economy get going again. And to the extent that people are paying off debts, their debts are moved on to the ledger of the government. Since the government pays a lower interest rate than private citizens, this reduces the overall burdens on the economy, and, again, helps the economy get going again. Both aspects of this help.
I think the point he is making is that he didn't "spend more".
He bought groceries, which he would have done any other week. If your economic stimulus bill is intended to help people buy groceries, then you ought to appropriately name it a economic relief bill.
Wasn't it Steve Keen (Australian economist) who wanted the cheque to go to debt forgiveness before cash and for that to get the funds that ultimately went into QE?
I'm hazy on the details now but I think the idea was it would both help the citizens and also help with deleveraging the banks.
He seemed to be cropping up in the media every other day in 09.
That is entirely appropriate. When the economy is depressed, we want people to both spend more and pay off any debts they might have, so your mix of spending and savings is just what the economy needed. The boost to consumption helps the economy get going again. And to the extent that people are paying off debts, their debts are moved on to the ledger of the government. Since the government pays a lower interest rate than private citizens, this reduces the overall burdens on the economy, and, again, helps the economy get going again. Both aspects of this help.