If you redraw this graph to cover since 2001, you will see that total private sector job growth is just about nill since 2001, explaining why all these recoveries seem so contrived–they are. You can print, borrow and spend your way to a good looking GDP chart, and even stimulate part of the private sector with government spending, but in the process the economy is transformed into a dependency on more of the same, which is the case all over the world.
FRED Graph – St. Louis Fed::

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