No one has ever been able to define a structural deficit
But if we have ever had one it’s only been since 2010
And I am not sure I would agree with that
The portion of a country’s budget deficit that is not the result of changes in the economic cycle. The structural deficit will exist even when the economy is at the peak of the cycle.
We were pretty clearly at the peak of the cycle in 2005-7. We were running a budget deficit at that time. It may well have been to “invest” in the future but it was still a deficit at the peak of the cycle. A structural deficit therefore.
Is there no beginning to this man’s understanding of economics?