Our credit union puts that money into car loans and second mortgages...
... for other customers, which is still participating in the economy.
Giving the money to food banks is participating in the economy.
Burning extra cash in your fireplace seems like it might be an effective way to reduce one's participation in the economy, but the government will just print more and they might not use it for good things.
Unemployment and homelessness is the most effective way to reduce one's participation in the economy but most people do not consider that a desirable lifestyle
Most of us are forced, to do work that is not making the world a better place, supposedly by "necessity." This needs to stop.
As a society I think we need to imagine what a Star Trek Next Generation economy might look like and head off in that direction.
"Make it so," as Picard would say.
A good start would be healthy food, safe comfortable housing, free educational opportunities for all, and universal healthcare. As a nation we have all the physical resources required to implement all of that today. We just have to quit fucking around in our bronze age xenophobic cults and do it.