Obama’s New Economic Adviser: Unemployment ‘Is Going To Stay High’
Austan Goolsbee, President Obama’s new chief economic adviser made his Sunday morning debut this morning and suffice to say he was not bearing good news. Goolsbee told Christiane Amanpour if you’re hoping the unemployment rate is going to come down…well, don’t hold your breath.
It’s going to stay high. 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. It’s going to take a significant push on our part and time before that comes down. I don’t anticipate it coming down rapidly.
It’s a striking admission coming just days after Obama’s big press conference, which included talk about the non-stimulus economic package that aims to stimulate the economy. However, it’s still seven weeks till the Midterms so maybe this is all part of some larger plan to lower expectations ahead of the voting in the hopes something gets stimulated in the interim. Either that or Goolsbee hasn’t learned his Sunday morning talking points by heart yet. Watch below.
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