Thank you @greatideas.

I think the wealth effect has been underestimated. Governments specifically use the wealth effect, by making credit less expensive, to boost the economy.

There is also a hope by monetary and fiscal policy makers that by making credit less expensive, thereby increasing economic activity, so incomes rise…people and governments would put themselves in a better financial position, which doesn't happen in most cases, because debts most of the time increase faster than incomes.