I asked my friend Dick Reeves, Managing Partner of Angel Syndicates Central, to review a late draft of this book. Dick is very involved in the financing of start-up companies and the creation of jobs. His response was a thoughtful question to me: “Bill, are things really as bad as your data indicate? What about the new jobs being created in apps, social media, etc.? The unemployment rate is falling, so aren’t things basically alright?”

That question sent me back into analysis mode. As Dick indicated, the unemployment rate has indeed been falling. In May of 2014, the unemployment rate had fallen to 6.3 percent from a high of 10 percent in October, 2009 during the height of the recession (Bureau of Labor Statistics 2014). Chart 1 illustrates ...

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