New economic chairman: Unemployment rate ‘going to stay high’ in near term

September 13, 2010 06:22

President Obama’s new chairman of the Council of Economic Affairs (CEA) said Sunday that the national unemployment rate will not decrease significantly anytime soon.

By Sam Youngman and Bridget Johnson at The Hill


‘”I don’t think the unemployment rate will be coming down significantly at any time in the near future,” Goolsbee said.’

‘Goolsbee echoed that forecast on ABC’s “This Week” Sunday. “It’s going to stay high,” he said of the unemployment rate. “This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined. So more than 8 million people lost their jobs.’


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