Deficit spending is still spending. But anyway economic activity isn’t evenly distributed. You may not live in a booming area, but there certainly are many booming areas. I recently moved from one mid-sized city to another, in different states but not all that far apart, and the difference in how the local economy feels is remarkable. One place feels stable but gradually deteriorating and the other is dynamic and growing fast.

Besides regional differences, it’s also the case that more and more economic activity is being captured by fewer and fewer people. So, if the richest billionaires grow their stash fast enough, the rest of the country will probably feel less dynamic.