A commenter was confused about my objection to this graphic from the WSJ

I was probably a little to technical just saying its stocks vs. flows.

Think about it this way, investment in Equipment and Software is nearly 30% since the recession ended. This is very strong but not wildly unusual for a bounce back from a recession.

Think about what it would mean in payrolls were up 30% since the recession ended. At the bottom of the recession the US had roughly 130 million people on payroll. A 30% increase would have meant that the US now 169 million people on payroll or an increase in jobs of 39 million over 2 years. Note there are only about 14 million unemployed people in the US.

Does that sound even remotely realistic?

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