Giving $10 to a poor person will result in $10 more goods and services demand. Giving $10 to a very rich person will probably make 1/10th of a share change hands and have no effect on the real economy whatsoever.
Google "asset price bubble" and compare this to the general inflation.
"Growth" can represent too many things and is thus a great slippery beast that can be used to obscure helping the wider population. We continue to see economic "growth" but wage increases has been stagnant for decades. Owners need fewer workers to amass revenue due to changes in the type economy as well as automation. You can grow a business without benefiting as many people as you used to. Look at how many people Bell Labs had working for it when it was in it's heyday vs how many people work for Google now.
Both have the potential to increase economic activity, it’s true, but that’s about all they share, from a moral perspective.