This is the Problem.

This is why we're not just going to head out of the woods and be OK. So many years of job losses, in a society already weak in the nest-egg department, is going to have consequences.

Freddie Mac reported that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business increased to 4.03% in January 2010, up from 3.87% in December - and up from 1.98% in January 2009.

There's another major wave of economic decline heading our way, although none of our leaders appear ready to acknowledge what is fairly obvious.