(In fact this greatly understates the earnings difference: it's just the difference between lifetime earnings for drop-outs and those with only a high-school degree.
Both those figures suggest that while the unemployment rate still understates labour market slack, that buffer of hidden unemployment is steadily shrinking.Another reason that the average American's feelings do not match the story these numbers tell is weak incomes.
And that understates the benefits, since the deals would spur competition in the market for services, which make up most of rich countries' output but are seldom traded across borders.
It could be argued, however, that this accounting presentation misstates the true allocation of capital at GE, or understates the true riskiness of GE Capital.
China's benchmark lending rate is slightly positive but this understates the extent of its recent monetary tightening: the central bank has also sharply raised banks' reserve requirements and capped credit growth.Mercury risingOur final temperature gauge is the external balance.
And the comparison understates the cost of hiring in Brazil: its payroll taxes are among the world's highest.Part of the reason for runaway executive pay is booming demand for staff, at all levels.
This understates both the radical nature of the proposed court and the various objections.International law is traditionally conceived as a compact between consenting states and is horizontal in that the law is made and often applied by states rather than a supranational institution.
The seemingly modest unemployment rate of 4.4% in February understates the pain.
Reprints Related items West Virginia: The phoney war continuesMay 15th 2008 John McCain: It won't be a walk in the woodsMay 15th 2008 On the campaign trail: Primary colourMay 15th 2008The trouble with this argument is that it overstates the benefits of an Obama-Clinton partnership and understates the costs.
That probably understates the true effect, because even private firms understand that their existence depends on their relations with the state.In state-controlled companies, senior managers are rotated at the behest of government.
That understates the mess, because it omits both the unfunded pension figure for cities and the health-care promises made to retired government workers of all sorts.
