Source: Inside Line
quote: You can't compare to the past, as everything was different. To get out of the early 90's recession, the free market has increased private debt by 10% of GDP per year, and it continued up to 2007. All of that net debt went into production/services of some sort (otherwise it wouldn't have been borrowed). Now the private economy hit its debt ceiling and can't keep creating it at that rate, so its missing that 5-10% funding of the economy that it got used to for 15 years. We're not going to get unemployment back to 4% ever (unless you want to force people to take $3/hr jobs). This is all independent of government spending, BTW.