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Tuesday, November 9, 2010

No Quick Way to Cut the Unemployment Rate; President Advisor Paul Volcker Says

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President Obama's Top Economic
Adviser Paul Volcker says he foresees
little improvement in unemployment,
in the next year.
Paul Volcker, a top economic adviser to President Obama, said Tuesday, November 8, that he sees no short-term way to reduce high U.S. unemployment and expects slow growth in job creation for at least, the next year or more.

Volcker stated his comments during a Beijing, China at the International Financial Forum; after the Federal Reserve said last week it would purchase $600 billion in Treasurys in an effort to boost growth and create jobs. The nations' current unemployment rate stands at 9.6 percent.
"I have no answer to it at the moment, and I think that is the basic problem," said Volcker when asked about unemployment the financial forum conference.
"I suspect that it will gradually decline. But the basic fact of the matter is that the economic outlook is for continuing but limited increases in economic activity for the next year or more," he said.
Volcker is currently the chairman of Obama's Economic Recovery Advisory Board and was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from 1979 to 1987. 


Volcker's comment was given at the conference, which featured a group of bankers and finance officials from the United States, China and other countries.
"That's a hope. I don't think it's an unrealistic hope," Volcker said.
A growing public frustration with the Presidents’ current economic situation and political conflict in the United States has, complicated efforts to craft an economic program, Volcker recited.

President Obama's top economic adviser expressed hope the Republicans' gains in congressional elections this month would prompt the party to "share responsibility for government" and work with Obama.
"It is equally possible that we will continue to have divisiveness and, really, bitterness in the Congress, which would not help", Volcker noted.
What are your thoughts on this article? Will these comments by President Obama's Top Economic Advisor encourage Congress in the Lame-Duck session to pass S3706 -The Americans Want to Work Act and renew HR-4213 The Unemployment Compensation Act of 2010, which expires on November 20th? Feel free to comment on this story, below!
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