A common misconception I would like to address

From a very famous source: "The U.S. trade deficit has been closely correlated to Mortgage Equity Withdrawal (MEW, aka "Home ATM"), and I doubt MEW is coming back soon, so I'm not sure we will see a huge increase in the deficit this time".

While the point about MEW is valid, the current account deficit is always equal to the net borrowing of the nation, not only households. The U.S. government borrowing is and will probably continue to be the driver of the current account deficit this time.