Get used to high unemployment, folks.
Bloomberg: 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.
Brace yourself for more reports of “unexpected” job loss numbers.
No new jobs?
Let’s look at this:
-Increased Minimum wage (which raises Union scale)
-Increased taxes and legislation looming “over the horizon” with no specifics known
-Vilification of Private Businesses
-Gov’t takeover of major portions of the Auto Market
-Gov’t “babbysitting” Banks and financial institutions.
Is it a wonder?
Really? ! !
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