>   
>   (email exchange)
>   
>   On Tue, May 4, 2010 at 10:24 AM, Scott wrote:
>   
>   Ugly chart.
>   
>   US total payroll employees haven’t grown since 1999
>   

Yes, hangover from the surplus years.

Deficits never have gotten high enough to restore demand/employment/output

In the 1990’s private sector deficits (increasing private sector borrowings) did the heavy lifting.

That proved unsustainable and govt has yet to make the necessary fiscal adjustment to remove the drag of over taxation/under spending.

UE Rate->FF Rate”>

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