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.
Ã¢â‚¬Å“My own suspicion is that weÃ¢â‚¬â„¢re going to penetrate the 10 percent barrier and stay there for a while before we start down,Ã¢â‚¬Â he said in an appearance on Ã¢â‚¬Å“This Week With George StephanopoulosÃ¢â‚¬Â 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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