The two numbers are nearly perfectly hedged against any borrowing DC does. The first differential of these two values are acting as if the economy knows perfectly well that DC is a constraint. There looks to be two or three modes in that ratio, all of them designed to hedge short, medium or long term against any sudden moves by Congress.
The claim of money illusion is bogus. The claim of sudden inflation is bogus. We are not likely to have a major crash, but we will have a period of the slogs. The economy will get about 1.5 (YoY) points of RGDP over the next two years.
The Keynesians are stuck, their claim of near zero rates, or near zero real rates is completely bogus.
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