The US has been "an outlier" among nations who have been confronting the challenges posed by what Pimco, the world's largest bond fund with more than $1 trillion in assets under management, calls the "new normal" of prolonged slow growth. "Somehow in the US we are caught in this active inertia that results in just a cyclical response," said El-Erian, the firm's co-CEO. "We need more than that. we need cyclical and structural."
Pimco co-CEO Mohamed El-Erian

We've "confronted" our problems by stimulating the government not the private sector.