White House Announces Unemployment Will Remain High For Rest of Year (Video) …Update: National Debt Up $2 Trillion Under Obama
It’s a quagmire.
Back in October 2008 Barack Obama told a crowd of hopey-changers that “job loss was un-American.”
That was before he became president and the country lost 4 million jobs.
Today the Obama White House announced that they don’t expect things to improve much this year.
U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today.
The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again.
“We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee. They predicted the economy would add about 100,000 jobs a month on average — not enough to bring the jobless rate down substantially.
But, don’t worry…
The President and Democratic Congress are focused on health care for the umpteenth consecutive month and then maybe they’ll start focusing on jobs.
UPDATE: The Treasury Department today announced that the national debt is up $2 Trillion since Obama took office… Anther record.