Ed Morrissey posted an article at Hot Air this morning about the unemployment projections of Jared Bernstein, chief economic adviser to VP Joe Biden (CBS' Morning Show on Friday). Mr. Bernstein stated, "As far as the overall economy is concerned, private sector forecasters tell us that by the second half of next year, net job growth should be positive, unemployment should be coming down."
I realize that unemployment is a lagging indicator in a recovery, but this seems to be some serious lag. According to Mr. Bernstein, unemployment will not begin to go down until late next summer.
There is a chart in the article at Hot Air showing unemployment with the stimulus package and without the stimulus package. There is not a whole lot of difference between the two. The only problem is that after the stimulus, we have an awful lot of debt to repay.
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