Obama economist: High future unemployment

Adviser Austan Goolsbee appears on "Fox News Sunday," announces foreseeable economic pain

Published September 12, 2010 5:02PM (EDT)

The new chairman of President Barack Obama's Council of Economic Advisers says Americans can expect to see the high unemployment rate continue for some time.

Speaking on "Fox News Sunday," Austan Goolsbee said the recession that began in 2007 put the U.S. economy deep in the hole and it's going to be a long struggle to get out.

The unemployment rate is now at 9.6 percent, and Goolsbee declined to speculate what it might be at the end of the year.

But he says he doesn't think the rate will be coming down significantly anytime in the near future.

Goolsbee takes over the council's chairmanship from Christina Romer, who left the White House earlier this month to return to teaching.

By Associated Press

MORE FROM Associated Press

Related Topics ------------------------------------------

Bank Bailouts Bank Reform Barack Obama Economics Unemployment U.s. Economy