But consider how the economy might have looked over the past few years had households spent an extra $ billion each  4  BIS central bankers’ speeches  year. It is likely that there would have been significant overheating. The exchange rate would have been higher. There would have been more borrowing from the rest of the world.
And both inflation and interest rates would have been higher. I suggest that these are not developments that would have been warmly welcomed by most in the community.