I think you have to look at more than the unemployment rate.  More people might be working, but I think you have to look at how much they are making and more importantly - how much debt they have.  I think that is the bigger picture.

The reason the economy is doing so well - and I'm not sure it is as good as the unemployment numbers may indicate - is because the interest rates are so low.  But, as debt becomes unbearable things will get worse.  The longer we continue to see credit extended so generously, the worse the problem will become and the bigger the collapse will be when rates begin to go up.

Best,
Robert A. Franco
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