I am flabbergasted by the certainty of his conclusions. 2007-2009 was most likely the worst recession since the 1930s and 2001 can hardly be considered a slight recession.

Most of the rest of the world has not recovered from 2008. 2019 does not appear to be a good one for either Europe or Asia. While the US may not have a recession in 2019, the slowing of our economy coupled with the lack of available monetary and fiscal tools would indicate to me that when we have the next recession it is likely to be substantial or long and probably both.