New chief economic adviser Austan Gooslbee has made his talk-show-circuit debut, but it wasn’t exactly a cheery affair. He told This Week’s Christiane Amanpour that there is no reason to believe the unemployment rate is going to come down anytime soon.
“It’s going to stay high. This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined. So more than 8 million people lost their jobs. It’s going to take a significant push on our part and time before that comes down. I don’t anticipate it coming down rapidly.”