The US Dollar is chronically over-valued because of its reserve currency status. The US wanted it that way, opposing Keynes proposal of an international clearing union using a clearing currency (which he called the Bancor) that is independent of any specific country. This automatically means that US companies suffer a huge competitive disadvantage which results in an external deficit. The foreign sector accumulates dollar savings. Now the US household sector naturally also runs a surplus. This only leaves the companies and the government which must by logic of sectoral balances run a deficit for the economy not to shrink. The companies are in aggregate also running a surplus since the neoliberal shift and that leaves only one sector that must have a matching deficit if you want to at least keep up economic activity. If the government sector wants to run a surplus that automatically and necessarily must mean that one of the other sectors must run a deficit by logic of accounting. Which one should that be and how do you want to force it to run a deficit? The foreign sector is not an option as long as the US Dollar is the dominant reserve currency because it is overvalued. The households are a natural saver almost always running a surplus. That leaves only the companies to run a deficit. Now how do you get the companies to run a deficit (in aggregate of course, we are not talking about a single company)? You need to make them invest more than they earn. This used to be the role the company sector had until the 70s. Since then we got Thatcher and Reagan with financialization, deregulation, pressure on wages (they fell from about 70% of GDP to about 60%). The government will have to run massive deficits just to keep the economy going unless we roll that back.