TGS for anarchists

John Mauldin writes (pdf):

Few would argue that a healthy economy can grow without the private sector leading the way. The real per capita “Private Sector GDP” is another powerful measure that is easy to calculate. It nets out government spending—federal, state, and local. Very like our Structural GDP, Private Sector GDP is bottom-bouncing, 11% below the 2007 peak, 6% below the 2000–2003 plateau, and has reverted to roughly match 1998 levels. Figure 1 illustrates the situation. Absent debt-financed consumption, we have gone nowhere since the late 1990s.

There are some good diagrams at the link.  For the pointer I thank Shiraz Allidina.