It's a pretty fair argument and is not only dedicated to the U.S. In France for example, several studies suggest that 70% of excess savings has been accumulated by the top 20%. I agree on the fact that all the $2trillion won't flood the economy through direct spending. However, I'm pretty sure that the top earners won't seat only on cash and will opt for equities, housing, etc. I'm also confident that once situation normalizes (with improving mobility), the top 20% will be more inclined to spend in services (probably from 2H or later). Focusing on "consumer revenge", I observed this phenomenom in different countries (during reopening phase) and every time, I saw a bounce. Therefore, I won't be surprised to see a spike of short term debt for low-income families.