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Well, I admitted my stuff doesn't apply so well before 1973. So to repeat back to you what I think you are saying is that there are unique external circumstances in each case, is that right? It still seems suspicious to me, especially after 1973, that right after a run of low deficits and...

Hello, I couldn't get any interest in this over on the Adelaide board, so I thought I'd try in here. Attached is an image showing deficits and surpluses for the US. The green lines at the top mark recessions. Where the line is L shaped, the bottom of the L indicates how long multiyear...