Convenient Truths

We mentioned the other day about the real US employment figures.  Whilst the headline spoke of 7.6% unemployment, the Government’s own U6 (more realistic) figures were double that and the REAL figure more like 23%.

Likewise we’ve raised the real deficit before and it’s more like $6.6T in 2012 and not the reported (and still amazing) $1.1T, when included unfunded liabilities.  The interesting test will be whether QE tapering would occur in real figures or not.