The jobless rate computed by US Labor does not include those no longer looking for work (worst 30 months in history).
And the record budget deficits racked up for each of the past three years does not include Social Security and Medicare shortfalls.
State governments, by federal law, are required to include pension liabilities in their reporting. Anyone surprised the Feds exclude themselves from their own accounting laws?
On to the real deficit. Congress excludes entitlement liabilities reducing the real deficits reported. Reversing this under 'normal' accounting practice each household owes a full $42,054 - 4x the smaller number. Given the median household income is $49,500 it is clear that the deficit alone is sinking the ship.
The 'official' deficit reported under funny-money rules for last fiscal year was $1.3 trillion. The real number under real rules is $5.1 trillion. Thus, instead of the debt hovering at $15.8 trillion the actual number is closer to $30 trillion! Still listening?
Obama has gleefully chosen to ignore the full financial disaster looming in Social Security, Medicare, and the hot rate of spending he refuses to reduce. This is part of the rub with the Ryan budget which does begin to address the issues.
This is not new news. And it will continue to be old news for as long as the voters along with the politicians continue to kick that can, man.
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