Obama’s Revised Unemployment Prediction

It didn’t work out so well when President Obama predicted 8% unemployment. Looks like he’s hedging his bets.

Obama acknowledged that unemployment lines may keep growing despite government efforts to boost economic growth, saying he’s confident an expansion will begin “shortly.” His outlook mirrors the forecasts of private economists who predict a jobless rate of 10 percent — a level unseen since 1983 — by the final three months of the year.

Does that mean we can expect unemployment to rise to 11.4% despite because of government’s efforts?