Longest period of high unemployment since depression: CBO

The Congressional Budget Office points out a in a report issued yesterday that the unemployment rate above 8% represents the longest sustained period of excessive joblessness since the depression. They also predicted unemployment would remain above 8% until 2014. USA Today: After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemploy And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent. The CBO made its comments in a report examining the long-term effects of joblessness, and possible policy options to boost employment, including unemployment insurance reforms and job training programs. The report came at the request of Democratic Michigan...(Read Full Post)