It represents projected long term growth. My point was that the long term employment outlook seems pretty bleak (e.g., https://www.cbo.gov/publication/56442#:~:text=CBO%20projects..., https://www.reuters.com/article/us-usa-economy-employment/u-...). So it's hard to see where the market is getting its long-term optimism. One possible answer is that it isn't long-term optimism at all, but a short-term expectation of continued government intervention prior to the November election.