This chart is private sector jobs as per the nfp payrolls report. Decide for yourself whether the govt. ‘getting out of the way’ is altering the ‘underlying strength’ of the private sector, thanks!

As for 2014, if we get there with positive growth from here, that implies credit expansion will be sufficient to generate that growth and feed the automatic stabilizers, will bring the deficit down further as a ‘price’ of that growth, which then requires that much more credit growth to sustain growth, until growth and the fiscal stabilizers do reverse, as they always do.

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