I would ordinarily not utilize this Post, which hardly any of my Readers will understand (do not make the comment that it would include myself). What it says to me is that there has been much less variation in Exports over the Period graphed (Hint: always adopt the Graph with least Variation, as extension is not a good thing in economic Graphing unless proven). GDP studies often show extreme elements, or effectively hide those constituents, due to Price variations driven by uneven Inflation; all without any valid equalizing program. This lack of uniformity in activity is common to GDP series, and rarely evaluated. It becomes humorous that Inflation reduction tends to generate similarity, while Deflation reduction should exhibit greater variation; the later being only a Guess, as Few have actually witnessed a valid Deflationary economy.
Paul Krugman brings up a fundamental point here, in stating that neoconservatives have been rewriting history to great extent. We, out in the Heartland, remains starved for Cash for the first Two of the Reagan years, then lived with unrealized Job Expectations until Bill Clinton. This is the Period when the Rich started to become the Super Rich. There was a great Shift out of domestic Production capitalization, with massive funds sliding to Realty under unrealizable prospectuses, bringing on the S&L Bailout of the mid-1980s. Past that debacle, what followed was Ph.D. waiters. Menzie Chinn might have come up with his filters somewhere during this Period, where We truly needed them.
We might find some relationship to the later 1980s in this Job Report, which reminds of the activity of the previous Period. Economists then proclaimed success because the Job losses were decreasing month over month. The Workweek was also set artificially low at least in the Midwest; I am thinking it somewhere reached less than 30 hrs per Week in the great Reagan Period after the Tax upscale; before it was an absolute lack of Jobs in the early Reagan years. Remember that I have the most faulty Memory in the blogging community. The difference was the desire for additional Tax Credits, which Congress tacked to the Reagan Tax revision. This helped to assure that the new Taxes did not fall upon Business, but solely on the poor Working Class. I believe I am getting too bitter in my senility, and should not advance those unpleasant aspects of Our youth. lgl