you opened your statement with saying that decline sharply wilkey -- sharply decline more. that is accurate. what is not said if they are declining to a level that is still higher than the historically highest level they have ever been before this administration. and i just would ask you going forward because it is something that we agree on collectively. when the extremes on either end looks less extreme than where you were but whether or not it is the responsible thing to begin to accept that as the new normal or whether we had an opportunity to continue to describe it as being damaging and high i think is a question that we can continue. becausewhen doctor ellmendorf talks, people listen. i'm glad that they do, but those words matter. >> we tend to focus on the size of the economy as a percentage of gdp during the comparisons over a long time period when the population and the size of the economy have changed a lot since the deficits we see for this year and next year are actually at or below the share of the gdp looking back over the last 40 years. with outside of the h

you opened your statement with saying that decline sharply wilkey -- sharply decline more. that is accurate. what is not said if they are declining to a level that is still higher than the historically highest level they have ever been before this administration. and i just would ask you going forward because it is something that we agree on collectively. when the extremes on either end looks less extreme than where you were but whether or not it is the responsible thing to begin to accept that as the new normal or whether we had an opportunity to continue to describe it as being damaging and high i think is a question that we can continue. becausewhen doctor ellmendorf talks, people listen. i'm glad that they do, but those words matter. >> we tend to focus on the size of the economy as a percentage of gdp during the comparisons over a long time period when the population and the size of the economy have changed a lot since the deficits we see for this year and next year are actually at or below the share of the gdp looking back over the last 40 years. with outside of the h

you opened your statement with saying that decline sharply wilkey -- sharply decline more. that is accurate. what is not said if they are declining to a level that is still higher than the historically highest level they have ever been before this administration. and i just would ask you going forward because it is something that we agree on collectively. when the extremes on either end looks less extreme than where you were but whether or not it is the responsible thing to begin to accept that as the new normal or whether we had an opportunity to continue to describe it as being damaging and high i think is a question that we can continue. becausewhen doctor ellmendorf talks, people listen. i'm glad that they do, but those words matter. >> we tend to focus on the size of the economy as a percentage of gdp during the comparisons over a long time period when the population and the size of the economy have changed a lot since the deficits we see for this year and next year are actually at or below the share of the gdp looking back over the last 40 years. with outside of the h