I’m confused what you mean by non-productive in this sense. In my country, the vast majority of aid money was in the form of massive “loans” to companies that were later forgiven presumably to avoid them going under/bankrupt.
A lot of money in the US went to businesses through the PPP and similar programs. That was mostly a good thing as far as keeping businesses from closing or laying off workers. But I think pumping up non-productive assets was the second-order effect, where tons of stimulus money that people didn’t need immediately got dumped into speculative stocks, real estate, etc. the alternative would have been keeping it in savings accounts earning 0.01% while you saw all your friends “getting rich” YOLOing on meme stocks.
Non productive would be referring to stimulus checks and child tax credit money in the US, you will hear stories about families making 10-15k and using it for Disney trips, all that did was incentivize not working and paying of people that made the decision to have to many kids. It’s also caused the bottom of he job market to see increased pay while the middle and upper markets get pay decreases in the form on inflation. All in all not worth it IMO.
My understanding was that the stimulus checks and child tax credit were not remotely a majority of the money spent; that most of it went to corporations.
Bolstering the bottom of the distribution in advance of inflation/recession seems like an amazing outcome to me.