> People kept receiving salaries, and unemployment benefits. So financial position and income of families was always strong

I'm confused; weren't you arguing above that unemployment concerns shouldn't have motivated government spending because the drop in demand was artificial? You can't bolster that position by saying that the demand stayed strong because of unemployment benefits and salaries that went out despite people staying home; those spending categories (PPP loans and enhanced unemployment benefits) were a government subsidy to keep demand from cratering.

> There's no precautionary savings cycle.. People engaged in financial risk taking

The personal savings rate tripled in early 2020: https://fred.stlouisfed.org/series/PSAVERT