Friday, August 19, 2011

Former Obama WH Economist: Unemployment Won’t Drop Below 8% Before End of 2012

The White House economic adviser who determined in 2009 that if President Barack Obama's stimulus bill were passed unemployment would not go above 8 percent, now says he was wrong and that he does not think unemployment will go below 8 percent before the end of 2012--the last year of the four-year term Obama won in 2008.
Jared Bernstein, the former chief economist and economic advisor to Vice President Joe Biden, wrote a report along with Christina Romer, the chairwoman of President Barack Obama’s Council of Economic Advisors, in January 2009 predicting that the stimulus would keep unemployment at less than 8 percent. On Monday, Bernstein told that his projection was flawed.

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