Deficits dynamics seem normal to me

In the five years to 2015, the United States reduced its deficit by 5% of GDP. That alone is enough to explain why the recovery was so weak.

Says Stephen Grenville, a former deputy governor of the Reserve Bank of Australia,

Another 'This time is different' central banker posting in Project Syndicate.

The deficits are more volatile, true, but that is because we are entering into our Japan phase of the monetary cycle, which is quite visible in this chart.  What would we expect deficits to do when growth lowers and obligations increase? We would expect volatility in deficits.

So what prevents Stephen Grenville from checking is facts before posting on Project Syndicate?  He is not trained to see a monetary cycle, he was trained to tell us these are all almost similar recession cycles. In other words, he was trained to pretend, 'This time is different', a scamp promoted after the Nixon Shock.

We fully expect to get another scam, just like it, after the Trump Shock. We expect to get 'This scam is like the previous scam', and we will mostly ignore it.