People piled up large amounts of unspendable income in the form of money and bonds. Don’t confuse paper assets with real wealth.
I’m not confusing anything. It was real wealth, as attested to by the fact that as soon as you could spend it (1946) the biggest boom in history took place. It was precisely what economists call “demand,” sparked by savings. Higgs is badly off on this, and there is no other economist I can think of who thinks his goofy theory is even remotely close.