Can logical consequence be deflated?

An interesting question is whether deflationism about truth (and falsity) extends to related properties and relations on truthbearers. Lionel Shapiro (2011) answers affirmatively by arguing that a certain deflationism about truth is as plausible as an analogous version of deflationism about logical consequence. I argue that the argument fails on two counts. First, it trivializes to any relation between truthbearers, including substantive ones; in other words, his argument can be used to establish that deflationism about truth is as plausible as deflationism about an arbitrary sentential relation. Second, the alleged analogy between the arguments for deflationism about truth and deflationism about consequence fails. Along the way I consider what implications the failure of the equiplausibility thesis has for deflationism about falsity.