Let’s look at the numbers: https://fred.stlouisfed.org/series/FYOIGDA188S https://fred.stlouisfed.org/series/FYOIGDA188S Seems not ideal, but also not terribl

Let’s look at the numbers: https://fred.stlouisfed.org/series/FYOIGDA188S https://fred.stlouisfed.org/series/FYOIGDA188S Seems not ideal, but also not terrible. We have much less of a hole to dig our way out of than we did in the 1990s. Certainly doesn’t look like a crisis. The recent jump seems entirely caused by the response to the Covid crisis and not really a structural problem.