| Author | Message | ||
     Ashton Comedian Username: Ashton Post Number: 1847 Registered: 05-2008 Posted From: 66.90.104.63 Rating: N/A |
The president’s chief economic adviser warned Friday that the nation’s unemployment rate could stay “unacceptably high” for years to come — a situation that would seriously complicate Barack Obama’s ability to convince Americans that he’s beating back the recession. “The level of unemployment is unacceptably high,” National Economic Council Director Larry Summers said Friday. “And will, by all forecasts, remain unacceptably high for a number of years.” Summers’ comments came in a briefing with reporters ahead of Obama’s speech in New York City on Monday, marking the one-year anniversary of the collapse of Lehman Brothers, an event widely regarded as having created a panic that caused the global economic meltdown. Even with his gloomy forecast for unemployment, Summers said the economy is getting better and made the case that Obama’s $787 billion stimulus package and other fiscal rescue steps headed off even more economic pain. “We are making a clear transition from rescue as a priority of public policy to sustained recovery,” Summers said. “We have moved back from the brink of financial catastrophe.” “Today, the question is, when will the recession phase end?” Summers said. He said the forecast is “for economic growth at a significant rate during the second half of 2009.” read more: http://www.politico.com/news/stories/0909/27052.html This is not great news and don't think people are going to wait forever. Could be Obama's short lived reign !!! |
