But until then, Americans can expect more of the same—more public-sector job cuts, which will continue to drag the economy down. "The federal government's not going to be hiring, and state and local governments are going to be laying off. So you have a situation where you're likely to see this at least for the next six to nine months," he says. Whether the public sector will finally pull job creation into negative territory remains to be seen.
- Read about Ben Bernanke's latest take on the economy.
- See how an infrastructure bank could help solve America's jobs problem.
- Check out our cartoons on the federal budget and deficit.