Grim Milestone. US Unemployment Rate Reaches 9.7%… Obama Admits It Will Surge Higher
After promising America that if his massive record-breaking Stimulus Bill was passed that unemployment would not go above 8.0%. Today it’s at 9.7%.
And, Barack Obama today admitted that the unemployment would continue to rise:
President Barack Obama on Tuesday declined to predict how high unemployment will climb but made clear he expects it to keep worsening for a while as hiring lags behind other signs of economic recovery.
“How employment numbers are going to respond is not year clear,” the president said on a day when he was headed to Michigan, home of a particularly battered economy. “My expectation is that we will probably continue to see unemployment tick up for several months.”
The unemployment rate stands at 9.5 percent, the highest in 26 years.