US Jobless Rate Likely to Hit 10% Soon: White House - Economy * US * News * Story - CNBC.com
Obama demanded that the stimulus be passed immediately without being looked at or unemployment would rise without his plan.
Well with his plan it rose anyway, but higher than it would have without according to what he predicted.
he actually made the unemployment mess worse!
The U.S. unemployment rate is likely rise from already high levels to 10 percent in the next couple of months, a White House spokesman said on Monday.
"I think the president has said this, and I would certainly say this, I think you're likely to see unemployment at 10 percent within the next couple of months," White House spokesman Robert Gibbs told reporters.
The U.S. unemployment rate already stands at 9.4 percent, the highest level in about 25 years, and many analysts believe it could continue to climb despite the $787 billion economic stimulus package passed early this year by Congress.
Earlier this year, the Obama administration had predicted the unemployment rate would peak at 8 percent before beginning to fall toward the end of 2009.
President Barack Obama is expected to address the outlook for the economy at a White House press conference on Tuesday. CNBC.com will live-stream the news conference.
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