What's worse than the destruction of jobs? The permanent destruction of jobs. Just because the market's humming right along for now doesn't mean that the jobless rate is going to suddenly drop toward normalcy.

Barack Obama's future will only get more complicated. Hidden in a rambling Bloomberg piece by Rich Miller are some really harsh truths about the unemployment rate, the deficit, and the interest rate. Plus the differentiation, if it's even possible, between the mere destruction of jobs and the permanent destruction of jobs in industries ranging from housing to finance.

Good details to skim before you tackle Liam Halligan's screed in the Telegraph (U.K.) about the hot air produced by Obama and others at the G-20 summit in already polluted Pittsburgh.