"Why no mention of the record household debt? This kills your "pent up demand"."
Strange logic, really very strange. The savings are there because households neither did consume nor decided to pay debt.
One person that I met recently bought his home for $27.000.00. Now he is rich because his house is in the market for more than $850,000. And like him there are many more. That is why this is said to represent an inter-generational wealth transfer.
More generally, for every debtor there must be a at least one creditor. So with debt the income of A passes to B, the problem being that B may have less propensity to spend than A, a fact that may pose some constraints upon private spending in the long run. But that is completely a different story.
As I said, the savings are there ready to be spent. Full stop.
