Today’s show isn’t exactly one of those that gives you a warm and fuzzy feeling inside. The topic is, however, one of those that is a necessary evil and is a very real issue that needs to be addressed. The unemployment rate is, and has been, one of those statistics that the mainstream media has inundated us with. Considering the gravity of what it measures, it is understandable why so much attention has been given to this piece of data.
In today’s show I want to walk you through a wonderful article titled Unemployment in Uncharted Territory. This article explains the current state of unemployment in the United States and the current efforts being made to combat this overwhelming burden. Particularly, I like how this article explains how unemployment is measured and the variying ranges depending on definition (U-1 to U-6). If you’ve never heard these terms, I walk you through what each of them are and how they are calculated. Even more than this, however, I appreciate how the author goes on to explain the implications of the current and projected unemployment and how this situation is affecting and will affect the country in the short to intermediate term.
This article coupled with a listener email I share are what spurred me to cover this topic. In the email, this listener asks:
“…How exactly is that debt [the federal deficit] going to affect future generations? What will they face besides super-high tax rates? What could I do today to provide my grandchildren with some future relief?…”
I feel that all three of these are very reasonable and understandable concerns. By analyzing the unemployment article and throwing in some personal insight, I hope I can shed some light on how to deal with these issues.
You’ll hear Bo and I reference some research we did prior to publishing this show. Below are some numbers for you to use as reference:
Year US Population Federal Deficit Amount of Debt per Person
2005 2.96 million $4.7 trillion $15,900
2006 2.98 million $4.9 trillion $16,400
2007 3.01 million $5.1 trillion $17,000
2008 3.04 million $6.4 trillion $21,000
2009 3.07 million $7.8 trillion $25,400
As you listen to the show, I will attempt to explain exactly what these numbers mean and why they should be important to you.
It isn’t all “doom and gloom”, though. To close out the show, I try to end it on a high note and explain some of the exciting things that could happen going forward and why now might be the best time ever for you to really change your life for the better! If you have any thoughts, please feel free to share them below.