Jobless rate versus Unemployment Rate
Yves has a good post linked to good graphs showing the BS in the reported numbers for jobless versus unemployment.
The one thing that is not reported in this that is also extremely problematic for the economy is that the ratio of working age people to seniors is changing. So, 10% jobless 20 years ago was a differerent problem than 10% jobless today simply because of the grossly increasing number of people on social programs.
Lol, this is actually a very good story and I see the Big Picture is also reporting it.
Mish had a good piece on the G7 meeting that is also making its round in the news. Calculated Risk also had something to say about the G7 meeting.
What is disgusting here is that economists have been warning about the problems for years. They have been ignored and trivialized that had you listened to them you'd have missed the bullrun and all kind of other unearned comments as the bubble got bigger and bigger. If they had been listened to and the problems they were talking about had action to fix them, there would not have been the continued bull run, nor would there be the gross financial instability the markets now face.
People just don't seem to get it. There is a serious debt problem and currency crisis. What was a serious problem when the economists started to warn, has mushroomed into something that has no road map.