After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.
And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.
The CBO made its comments in a report examining the long-term effects of joblessness, and possible policy options to boost employment, including unemployment insurance reforms and job training programs. The report came at the request of Democratic Michigan Rep. Sander Levin, but Republicans quickly jumped on the chance to bash President Obama's stimulus program, which is also reaching its three-year anniversary today.
"The stimulus is a stark reminder of how the president got the policies he wanted, and how those policies have failed the American people and are making things worse," said Texas Republican Rep. Jeb Hensarling.
- See political cartoons about the economy.
- How the payroll tax cut deal could help the economy.
- Six Things That Could Stop the Recovery.