The upcoming jobs report (the one today or if not later next month) is going to be historically bad—so bad, in fact, that it might just be incredible. For the first time in over 50 years, we are witnessing a fundamental shift from public sector-driven growth to private sector expansion.

Naturally, the headlines will latch onto the surface-level shock factor. Expect something along the lines of: “Worst Jobs Report in 8,000 Years!”—a dramatic take that requires zero critical thought. But beneath the chaos lies a far more interesting reality.

It’s remarkable that we’ve come this far without experiencing a full-scale private sector boom. Despite the advancements in AI, robotics, and even space exploration, the private sector still accounts for less than 75% of GDP. Why is it not higher? Because our federal and state governments crowd out the private market across many sectors and industries with regulations, random spending, and no real plan. A true private-sector-led economy—one that commands 85% or more of GDP—has yet to materialize.

The real story isn’t in the headlines—it’s in what comes next. And what comes next is the possibility that we grow our private sector to new heights. More importantly, I seem to stand on my own in saying that it won’t even be that painful of a transition. The issue is we have simply had bad economists in DC for far too long. Finally, practitioners are in control.

Yesterday, Scott Bessent had lunch and delivered a speech at the New York Fed that people everywhere should listen to. What stood out most to me was his driven approach to shift from public sector employment to private sector growth, investment, and risk. In order to reduce the deficit and pop off GDP at the same time, all focus must be given to the private sector. Build, build, build.

He recounted a conversation with the Governor of Virginia, whose state is among the hardest hit by sweeping government job cuts—potentially exceeding 150,000 in just the past two months. The governor’s response was actually incredible: “Tell them to come to my office. We have over 250,000 private sector job openings right now.”

The current administration is dead focused on this.

Reduce government spending, cut regulation, pump energy, and focus entirely on businesses at the private sector level.

Build, build, build.