George Will forgets we've had trillion dollar deficits quite recently but without a stock market crash.
The trillion dollar deficits recently were in:
2009 $1.41 trillion
2010 $1.29 trillion
2011 $1.29 trillion
2012 $1.08 trillion.
These deficits triggered nothing in particular except fevers among Republicans, but are associated with the misallocation of capital which produces L-shaped instead of V-shaped economic recoveries. Meanwhile that it's an L-shaped recovery is a concept which eludes George Will, eyes fixed as they are on his towering S&P 500 idol. But we do agree the economy isn't the best it's ever been as the president insists. The gap is now about $5 trillion and rising.
Here:
When He, or something, decides that today’s expansion, currently in its 111th month (approaching twice the 58-month average length of post-1945 expansions), has gone on long enough, the contraction probably will begin with the annual budget deficit exceeding $1 trillion.
