[Iran Press] US President Barack B.O. Obama's top economic advisor says the the country's unemployment rate will remain high for some time to come.
| That's why Austan is an economic advisor, he can divine trends that mere mortals on main street can't figure out ... |
Speaking to ABC's This Week morning talk show, Austan Goolsbee, the newly appointed chair of the White House Council of Economic Advisers, said that "this recession is the deepest in our lifetimes, the deepest since 1929."
"More than eight million people lost their jobs. It's going to take a significant push on our part -- and time -- before that comes down," he said. "I don't anticipate it coming down right away."
The US unemployment rate currently stands at over 9.5 percent as the economy lost 54,000 jobs last month.
Last week, Obama unveiled plans to help boost the Democratic Party's chances at the polls struggling economy, including USD 50 billion in infrastructure spending and USD 200 billion in tax cuts for companies investing in research and development.
| To be added onto all the other debt he's run up ... |
Goolsbee refused to state how many jobs the new stimulus package would create, ABC News reported.
| Smart guy, the last set of calculations were a tad off ... |
House Republican Minority Leader John Boehner has said he will support Obama's proposal to only extend the Bush-era tax cuts to people earning less than USD 250,000 per year.
Responding to Boehner's comments, Goolsbee said he would be "happy," but that he also has his doubts.
| No doubt more subtle minds than mine can parse the meaning of that last sentence. |
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