The truth about the Economy.

Unemployment figures don't tell the whole story about our economy.

Economic Snapshot

Family debt is on the rise. In the first quarter of 2006, families had to spend 13.9% of their disposable income to service their debt?the largest share since 1980.

Savings plummet. The personal savings rate of -0.6% in the second quarter of 2006 was the second lowest since the Great Depression. Also, by June 2006, household debt rose to an unprecedented 129.3% of disposable income.

Government deficits are soaring. For 2006, the expected deficit is $260 billion, reflecting the largest six-year deterioration in 50 years, from a surplus of 2.0 percent of GDP in 2000 to a deficit of 2.4 percent in 2006.

This endangers our economic independence. Foreign investors bought 78% of new Treasury debt between March 2001 and June 2006. The quarterly interest payments from the federal government to foreign lenders increased to $36 billion from $21 billion over the same period, and the share of U.S. foreign-held debt grew to 45% from 32%.

Manufacturing jobs are on the decline while service related jobs are on the rise. The government has the ability to influence job growth as well. The timing of the recent employment rates has more to do with politics than reality.

Our economy isn't as great as the government would like us to believe.