Greenspan: Unemployment Will Top 10%, Recommends
WASHINGTON (AP)—Former Federal Reserve Chairman Alan Greenspan predicted on Sunday that the jobless rate will pass 10 percent and stay there for a while, and a second stimulus plan is not needed now.
He spoke favorably of extending unemployment benefits and tax credits for health insurance, options the Obama administration is considering for helping people laid off during the recession. With more than 15 million people out of work, unemployment reached 9.8 percent in September, the highest rate in 26 years.
“Sen. Barbara Boxer, D-Calif., said an energy bill promoted by Democrats could serve as a jobs stimulus because it focuses on using venture capital to fund “clean energy” jobs.”
Sen. Jon Kyl, R-Ariz., said Democrats would best help the economy by supporting targeted tax relief and dropping “job killers” such as the proposed cap-and-trade approach to climate change and a health care bill that he said would raise taxes on small businesses.
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=NYNYP&SECTION=HOME&TEMPLATE=DEFAULT
It is my belief that like California, the problem lies in our attitudes towards business that are killing jobs and that as the debt grows that alone will kill economic growth and will result in a great percentage of these jobs never coming back at all.
Virtually everything Obama and the Demoncrats are doing is counterproductive to job growth and just wait until tax increases hit everyone along with health insurance mandates and I think it will take several decades, if we get off this current treadmill now, for the economy to ever start recovering to the levels of the past 2+ decades.
