White House Economic Advisor:High Unemployment for Years to Come

Another Ringing Endorsement For the Obama Adminstration and White House Economic Adviser Larry Summers says the United States Unemployment  will remain high for years.

“The level of unemployment is unacceptably high,” National Economic Adviser Summers told the media on Friday.“And will, by all forecasts, remain unacceptably high for a number of years.” This was a press conference held by Summers regarding the collapse of investment banking giant Lehman Brothers which took place one year ago.

Summers attributed the US economy has improved thanks to President Obama Stimulus package.

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.”

However unemployment is an lagging indicator and some are calling this recovery, a jobless recovery. The President says that the US will be in a double digit unemployment for years. This would hurt the Democrats re-election chances in 2010.

White House Spokesman Matthew Vogel says the White House is work on a plan to reduce unemployment.

e President and the economic team are committed to tackling unemployment and are focused every single day on getting Americans back to work. Many economic indicators have turned positive, but employment is a lagging indicator and obviously the toughest nut to crack. We are confident that we are headed in the right direction, but that there’s no room for complacency even as we see a return to growth later this year.”

The Politico

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