Suggesting that the current 9.8 percent unemployment is “pretty awful”, former Federal Reserve Chairman Alan Greenspan said that he expects unemployment to get worse before it gets better.
“My own suspicion is that we’re going to penetrate the 10 percent barrier and stay there for a while before we start down,†he said in an appearance on “This Week With George Stephanopoulos†on ABC.
Greenspan said that he was especially worried that Friday’s unemployment rate included 5.4 million people who have been unemployed for more than six months.
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