It's actually worse than it looks, due to the pull-forward effect (PFE). If a large amount of excess deaths occur, due to some abnormal factor then, once the factor has resolved, there should be a swing back to a large NEGATIVE excess death level, as the people who would normally have died at the later time had been "pulled forward" and died earlier instead. This is what is typically seen after a normal flu season. The fact that we're not seeing this indicates a constant, ongoing factor (or set of factors) causing deaths. Even if excess deaths returned to zero, this would still indicate an ongoing crisis if one understands the PFE.
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