Jobless rate to stay above 8 percent until 2012: CBO

[TwixVoy]

Source: Reuters

WASHINGTON (Reuters) - The U.S. unemployment rate, currently at 10 percent, is unlikely to drop below 8 percent before 2012 unless Congress takes further steps to boost the economy in the short term, the nonpartisan Congressional Budget Office said on Thursday.

The estimate is likely to give increased urgency to Democratic lawmakers' efforts to create jobs before they face voters in November. The House of Representatives passed a $155 billion jobs bill in December and the Senate is expected to act in coming weeks.

President Barack Obama was scheduled to address House Democrats later on Thursday as they huddle to consider other ways to boost the economy.

CBO's estimate shows the unemployment is likely to remain high for several years as the country gradually recovers from the worst downturn since the 1930s. The unemployment rate stood at 4.9 percent before the recession took hold in December 2007.

Read more: http://news.yahoo.com/s/nm/20100114/bs_nm/us_usa_economy_unemployment_3

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(edited to add correct link - proud patriot Moderator Democratic Underground)

Why do I have a feeling articles like this are designed to keep the masses content while the powers that be have no plans to better the situation?

[Better Believe It]

1. So the Senate might do something about jobs this spring .... or maybe not?

"the Senate is expected to act in coming weeks."

Oh really? Isn't that rushing it just a bit? The unemployed and those about to lose their jobs have plenty of time to wait around since they aren't working.

This Congress may become known as the "do-nothing" Congress when it comes to jump starting the economy. Can't do anything without Republican support or permission! They might filibuster!

Let em!

[Romulox]

2. Hello Republican President in 2012 if this is true. nt

[onehandle]

4. President Mittens

- shudder -

[OhioChick]

8. Bingo! n/t

[ieoeja]

9. Ah, yes. I remember President Mondale fondly.

Oh, wait....

[Romulox]

10. Unemployment wasn't over 8% in November, 1984.

:hi:

[TacticalPeek]

3. Wrong link? That goes to a story on Bernanke and the Fed.

?

[TwixVoy]

6. You are right

too late to edit it apparently.

This is the correct link: http://news.yahoo.com/s/nm/20100114/bs_nm/us_usa_economy_unemployment_3

[dmallind]

5. Probably a good bet, but direction is important too.

If it's 8% coming down from 10.5% people will feel more likely to "stay the course".

[midnight]

7. And in the meantime, there is to be no complaining about the rich being

bailed out. And no liberal crap about justice, transparency, fairness or other words conotating a working constitution......

[OHdem10]

11. More economists say it will be 10% or more likely 11% including

M. Zandi.

[proud patriot]

12. The correct link has been edited into the OP

proud patriot Moderator
Democratic Underground