During the Covid pandemic, Canadian households have accumulated billions of dollars in savings. One question about the nature of the recovery concerns the extent to which household spending will increase once the various public health measures are relaxed and normal eco- nomic activity is allowed to resume. How likely are we to see large increases in consumer spending upon economic reopening if: a) the permanent income hypothesis is a good description of household behaviour? b) the Keynesian consumption is a good description of household be- haviour