Bernanke: Unemployment Will Be High for Years

Financial picture is 'unusually uncertain'
By John Johnson,  Newser Staff
Posted Jul 21, 2010 3:24 PM CDT
Copies of the Monetary Policy Report to the Congress.   (AP Photo/Alex Brandon)
camera-icon View 1 more image

(Newser) – Ben Bernanke isn't exactly spreading good tidings in his semiannual report to Congress. Two of the lowlights, from the New York Times:

  • Unemployment: Expect it to remain high, as in well above 7%, through the end of President Obama's first term. Bernanke said it will take "a significant amount of time" to restore the 8.5 million jobs lost in the recession.

  • Economic outlook: It remains "unusually uncertain," two words never good to hear from a Fed chairman's mouth, as evidenced in the stock market's quick drop. Conditions here and overseas, he added, have “become less supportive of economic growth in recent months.”

My Take on This Story
Show results without voting  |