The Spaniards, among our staunchest allies in Europe, were livid, their diplomatic understatements notwithstanding.

CENTERFORSECURITYPOLICY: spanism_marine_landing

Yet one lesson from the past 15 months is that official debt figures can be gross understatements.

ECONOMIST: Reading their lips | The

In most cases, the IRS has three years after filing to audit tax returns, or six years in cases of substantial (25%) understatements of income.

FORBES: Still Have A Foreign Bank Account?

Cowen acknowledges many hiccups in the broad income growth measures (possible overstatements of inflation and understatements of quality of life) but says the great preponderance of evidence leaves no doubt: our standard of living is stuck.

FORBES: Tyler Cowen's Techno Slump