There’s no getting around it: the jobs report, with only 20,000 jobs added last month across the entire U.S., stinks. This is a terrible report, and it should strike fear and loathing into the hearts of every economist and citizen in the country. This opinion is the bulk of what I suspect you will be hearing, and it is largely correct.

Yesterday, I wrote about how we’re approaching the 10th anniversary of the market bottom, when the S&P 500 touched 666 and then started to rebound. Today, I want to talk about a different market milestone: March 10, 2000 (19 years ago this weekend). That’s when the Nasdaq Composite, the tech index that exemplified the dot-com boom, peaked and started to decline.

I am in Colorado this week at a Commonwealth conference, spending some time at high altitude when I normally live pretty much at sea level. The altitude seems somehow appropriate, though, when I look at where the markets are right now compared with where they were 10 years ago. We have climbed to astonishing heights since the bottom—heights almost no one expected back then.

From a financial markets perspective, last month was a good one. U.S. markets were up between 3 percent and 4 percent, developed international markets were up 2 percent to 3 percent, and even emerging markets managed to notch a small gain. Overall, February was another step forward from the decline at the end of last year, suggesting markets have regained their footing.

Last week was a busy one in terms of economic updates, as we continue to see the release of data that was delayed by the government shutdown. This week should also be full and provide further insight on whether the recent spate of weak data is likely to continue.

February was another good month, with U.S. markets, developed markets, and fixed income showing gains. Still, the housing market continued its slowdown, and business investment softened. We also saw a terrible retail spending report. But the market was able to bounce back from the lows seen at the close of 2018, buoyed by the end of the government shutdown.

Yesterday, we talked about the deficit and debt. We came to the conclusion that a modest deficit was not necessarily a problem. But the increase in the debt in recent years—and, this year, in the deficit—made both a problem that will have to be dealt with.

Recently, there have been a number of headlines declaring that the national debt has moved above $22 trillion, with an emphasis on how much it has gone up in recent decades.

Well, the headlines are true, as you can see in the chart below. In fact, we have added about $16 trillion since 2000, or about $900 million per year; $11 trillion since 2008, or about $1.1 trillion per year; and $2 trillion since the end of 2016.

Last week was relatively quiet in terms of economic news, with only two major releases scheduled during the holiday-shortened week. The week ahead will be much busier, as we continue to see the release of data that was delayed by the government shutdown.

I have been keeping an eye on bitcoin prices, which are around $3,600 (as of February 14), close to the lowest level in a year. Bitcoin has clearly not run to the sky the way many buyers thought it would. But there are signs that the underlying technology—the blockchain—is starting to make progress in the real world. Bitcoin was not the real story; the technology was. Now, we are starting to see the results.