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Volcker Says U.S. Unemployment Will Be ‘Too High for Too Long’

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posted on May, 5 2010 @ 01:00 AM
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No end in sight for high unemployment. No employment recovery for the next 3 years at least as Volcker said. “It is a challenge not just for this Congress and this administration, but for years ahead.”

www.bloomberg.com...

Volcker Says U.S. Unemployment Will Be ‘Too High for Too Long’

By Mike Dorning

May 4 (Bloomberg) -- Former Federal Reserve Chairman Paul Volcker said the U.S. economy faces a “long slog” as the nation struggles to reduce the jobless rate from close to a 26- year high.

“I am afraid the level of unemployment will be too high for too long,” Volcker said in the prepared text of a speech yesterday in St. Louis. “My characterization of the outlook is a long slog.”

Volcker, chairman of President Barack Obama’s Economic Recovery Advisory Board, said the U.S. economy should shift from reliance on consumer and government spending to a greater emphasis on investments and exports as it recovers.

Unemployment in the U.S. reached a 26-year high of 10.1 percent in October, and the rate was 9.7 percent in the first three months of this year. A Labor Department report scheduled to be released May 7 may show the jobless rate was unchanged in April, according to the median estimate in a Bloomberg News survey of economists.

“What we need is more saving, more industrial investment, and a stronger trade position,” Volcker said in his lecture at Washington University. “Our expansive and expensive program of entitlements simply must be brought under control. Our mortgage market must be rebuilt from the ground up.”

Volcker, 82, said the U.S. will require a “long period of economic adjustment.”

“Not much of that can be done this year, or even next,” Volcker said. “It is a challenge not just for this Congress and this administration, but for years ahead.”


A Labor Department report on May 7 will probably show the unemployment rate was 9.7 percent for a fourth straight month in April, according to the median estimate in a Bloomberg News survey of economists.

The jobless rate has not increased since October, when it reached a 26-year high of 10.1 percent. The economy lost 8.4 million jobs since the recession began in December 2007, the most of any downturn in the postwar era.




posted on May, 5 2010 @ 01:12 AM
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reply to post by Dbriefed
 



Oh well. They are only jobs.

Haven't you heard? This economic recovery does not need jobs! Hell, we have people posting on THIS site the stock market as an indicator of an economic recovery. I guess they are the TRUE new economists of the future. They can point at one indicator, that has nothing to do with the economy and prove some incoherent supposition. /s

Thanks for the read.



posted on May, 5 2010 @ 01:13 AM
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There could be up to 275K teachers and education personnel laid off in the next 6 months combined with several hundred thousand laid off in July as the census ends..........unemployment will go A LOT higher.

Volcker and his ilk pukes on WallStreet and in government have been gutting American industry, destroying the middle class, and robbing the people blind for the last 30-40 years. 44% of congressman are millionaires. The US Government aka US kleptocracy is soley responsible for the situation our country is in. The bank and wallstreet bailouts should have NEVER happened.. AIG should have gone under. Goldman should go under. Lehman under........JPmorgan under. etc. etc.



posted on May, 5 2010 @ 01:35 AM
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Remember when months ago, they said recovery was coming? boy did they lie* and obama and governemnt have the bnerve to say ATS is a conspiracy site* geesh obama and governemnt look in the mirror*



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