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Monday, October 05, 2009

Greenspan: Unemployment Will Top 10 Percent

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."This is an extraordinary period and temporary actions must be taken, especially to assuage the angst of a very substantial part of our population," Greenspan said on ABC's "This Week.""I don't actually consider those types of actions stimulus programs. I think that they are essentially programs which support people - essentially their living standards in part. I grant you it has a stimulus effect, but that would be my primary focus," he said
http://www.time.com/time/business/article/0,8599,1927755,00.html

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