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Wednesday
Feb092011

Bernanke: Could Take 10 Years For Unemployment to Go Down

Photo Courtesy - ABC News(WASHINGTON) -- A sobering assessment on how long it may take to reduce unemployment has come from Fed Chairman Ben Bernanke.
 
He warned congress it could take four years or more and up to 10 years to reduce unemployment to what he called normal levels.
 
Bernanke told congress that despite a sustained economic recovery, reducing unemployment will be painfully slow.    

Urging reform of the tax laws, and a plan to reduce the deficit, the fed chairman expressed some optimism that an economic recovery may help. "We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold," said Bernanke.

Copyright 2011 ABC News Radio







ABC News Radio