Skip to comments.Summers: High unemployment for years ("Shovel-Ready Jobs" lacking the shovels)
Posted on 09/11/2009 6:18:00 PM PDT by tobyhill
The presidents chief economic adviser warned Friday that the nations unemployment rate could stay unacceptably high for years to come a situation that would seriously complicate Barack Obamas ability to convince Americans that hes 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 Obamas 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 Obamas $787 billion stimulus package and other fiscal rescue steps headed off even more economic pain.
(Excerpt) Read more at politico.com ...
0bama has no desire to correct the downward spiral we’re in...
BS. A free market Repub could get us back to 55 unemployment like Bush had within a year.
1. Drill here, drill now.
2. Cut taxes.
3. Tort reform.
4. Union reform legislation and prosecution of ACORN
5. Shut down Freddie & Fannie plus 10% down on all mortgages and no 1.0% teaser ARMs.
6. No more freebies for illegals. Send em home.
I could think of dozens of other things.
Correction - get us back to 5% unemployment like Bush.
Obama: My economic advisor has informed me that unemployment will be UNACCEPTABLY high for a NUMBER OF YEARS. But let me be clear, we are beating back the recession, trust me. Now if you’ll excuse me, I’m late for a $450,000 date with Michelle so we can get lots of photos and then we have to jet off to Fiji with the kids for a five week vacation. But rest assured, we feel your pain.
gosh, why am i not surprised?
when do the unemployed that voted for obama wake up?
Lots of “shovel-ready” jobs so the sick old farts that died without being able to see a doctor can get buried. Thanks, Ezekiel. Thanks, Obummer.
Well, he sure is uplifting. Get these idiots out of our government.
And the "ready" part
I keep hearing about a jobless recovery, but I don’t understand it. Can we really have both?
For all their use of the term "unacceptable" they sure sound like they're perfectly comfortable with it. And of course they are. The more people are penniless and pauperized, the more dependent they are on government.
This is easy...
zero Cap gains
repeal the 16th and 17th ammendments
pass the FairTax...
And I’m not even an Ivy League “educated” economist!!!!
“...when do the unemployed that voted for obama wake up?”
As long as the TAXPAYER FUNDED RE-DISTRIBUTED WEALTH checks keep coming, they’ll slumber. When the layabouts and the oldsters miss their first payment, there’s going to be blood in the streets.