"Economic activity" is a broad term. Slowing rate of transactions falls under that umbrella, as does mass layoffs. Remember though, I'm arguing for an adaptive response on the part of the American consumer. So keeping it from reaching a place where everyone is "priced out of the market" would be the theoretical effect of both approaches (though people could, of course, never actually be priced out in a huge way--the free market is a naturally reactive system).