Things have been so bad for so long that even the mainstream media is saying that the unemployment statistics are garbage. Now of course they aren't saying this out right like so many bloggers and non-mainline economists. But despite all the hoopla about jobs being added there remains the uncomfortable truth that there are almost 3 million Americans, who want to work, but have given up. This doesn't even count the ranks of the underemployed, which I had the honor of being apart of for the first two years after I received my bachelors degree.
The situation surrounding large ranks of shadow unemployed, and underemployed, becomes even more stark when you realize that there is essentially a log jam at the highest levels of work that percolates all the way down to entry level positions. You add in a devaluing currency, excessive levels of debt at al levels of government, a real estate market that hasn't fully reset, an education bubble, and a stock market that is being injected with so much money from the feed like so much bovine growth hormone and you realize that we aren't even close to being out of the woods.