I crunched numbers many ways and simply decided there is no way the economy could possibly grow enough jobs. It didn't and still won't.
I posted this chart at the time.
At the height of the housing bubble, the economy only added 212,000 jobs a month. I figured we would not come close to that, yet even if we did, that still would not be enough.
A miscalculation got into my way, otherwise known as a plunge in the participation rate. I knew full well the participation rate would drop on account of boomer demographics. But I never expected the plunge we got.