The compounding wealth impact of that forced appreciation, cash flow, perpetual principle pay down (and long - term market appreciation, to a lesser extent) allow some investors to not have to worry or focus heavily on all the... flations mentioned (it provides more freedom from those concerns or
uncertain market forces).
saying that the keynesian conception is about spending what you earn is the opposite of what it stands for (its actually what you haplessly describe as the neoclassical position) beyond the even more meaningless claim that wenger adheres to it... keynes broke with the idea that the economy was simply a collection of perfectly informed individuals and firms responding rationally to price incentives generated by
market forces and that the big variables that frame an economies performance — output, employment, price level, wages, etc — tend to move in cycles and are shaped by decisions and judgements made under hugely
uncertain conditions that if left to
markets generate bad outcomes..