The important distinction to make when speaking of money created via bank lending is that high power money (only created by Congress deficit spending) is required to net retire those loans. When that takes place, the M2 money supply is reduced by the amount of principle paid, as an asset balances an obligation.

Ditto for money that can be net saved without incurring additional bank debt. If the federal government doesn't spend in deficit sufficient to both retire private debt as it comes due and satisfy the desire to save of the private sector it is effectively stealing the resources and labor it demands via clawing back payments in taxation.

Such austerity conditions imposed by the ruse of "good stewardship" means that only increasing GDP sufficiently to "rollover" private debt can avoid large scale default, which we so often see when the business cycle turns down for any length of time. The only ones to actually benefit from austerity budgeting below these minimums are the banks that are more than happy to finance the economy in place of the federal government whose job it is to do so, as mandated in Article 1: Section 8, "for the general welfare".