EN, If I put $1,000.00 in a bank savings account, what happens to that money?  If I buy a $1,000.00 corporate bond, what happens to that money?  If I buy a$1,000.00 bond from any level of government, what happens to that money?  It isn't an either/or.  Both consumer spending and consumer saving needs to occur.  I think the economic elephant in the room is massive debt in all sectors.  Another problem I see is that low interest rates have caused corporations to borrow massive amounts of money to buy their own stock.  If consumers don't have the money to buy those corporations products, how do they service their loans?  What happens to their stock prices?  What happens to their bonds?  But as Alfred E. Neuman is so fond of saying, "What, me worry?"
https://en.wikipedia.org/wiki/Alfred_E._Neuman