Treasury Secretary Tim Geithner, appearing in a town hall program that concluded moments ago on CNBC, said that "absolutely, absolutely," unemployment will be lower this time next year.I saw part of that town hall, and Timmy was pretty smooth for the most part. I however have very, very strong doubts that August 2010's unemployment rate will be below this year's 9.7%, and I believe next year we'll be looking at unemployment approaching 11, possibly 12% in a worst case scenario.
Responding to a poll showing 56 percent of Americans believe there's another financial meltdown in the future, Geithner said "another collapse is within our power to prevent" if the government sticks to its stimulus and recovery efforts underway.
The one-hour program began at 7 p.m. and was hosted by CNBC anchor Erin Burnett and economics reporter Steve Liesman. It was held in Washington at the Newseum.
Yes, it'll be that bad. The housing market still has a long way to go in the crash department. Things will only get worse as our consumer economy fails to consume.
Going to mark this one in the future file.
Going to mark this one in the future file.
ReplyDeleteyes, please do. heard little timmy's comments this morning on npr and about fell out of the chair.
of course the numbers will be lower - the government collects and has the ability to manipulate as needed.
do you really believe that the unemployment rate is only 9.7% ???
the U6 measurement of almost 17% is much closer to REALITY but i bet that rate is probably too low.