Also, are you discounting using the economy-wide GDP deflator, or the manufacturing-specific deflator (which would ignore the price declines in manufactured goods, specifically computers/electronics)?

Another metrics you might look at – the import dependency ratio (imports or net imports relative to total domestic consumption). The imbalance between consumption and production (leading to capital flows overseas) is probably more at the heart of the policy issue than the absolute level, which is difficult to compare absolutely across periods.