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Entries in Joe Stiglitz (1)

Thursday
Nov042010

High Unemployment Here to Stay

Photo Courtesy - Getty Images(WASHINGTON) -- Economists don't agree on much, but few expect a sharp reduction in unemployment anytime soon. The labor department releases the October jobs report Friday. September's rate was 9.6 percent.

Columbia University economics professor Joe Stiglitz tells ABC News Radio "growth is likely to remain significantly lower than that required to create the new jobs." That's why the Federal Reserve decided to pump more money into the economy, buying $600 billion in government debt.

The jobless rate is nearly twice as high as Fed policy makers would like it to be.

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