There's a common economic myth that drives a lot of economic policy. Spending is what drives the economy, says this myth, whereas saving is 'hoarding' -- removing money from circulation.
But saving is not hoarding. Saving is simply putting off your own present consumption until some time in the future, and rather than disappearing down a hole in the ground your money is transferred from consumption into production. By foregoing consumption today we make today's production possible, and the goods and services for tomorrow's consumption even greater. And in fact, the only way to increase savings is to increase production...
But don't just believe me: George Reisman makes the point far better than I could here.
LINK: Saving versus hoarding - George Reisman's Blog