Axelrod: Economic recovery will take years
David Edwards and Jeremy Gantz
Published: Sunday January 18, 2009
http://rawstory.com/news/2008/Axelrod_Economic_recovery_will_take_years_0118.html
President-elect Barack Obama's top aide told ABC's George
Stephanopoulos that it would take "not months, but years" for the U.S.
economy to recover and that the new administration aims to avoid
double-digit unemployment.
"Any economist will tell you that even if we move rapidly, it takes a
little while for this to move through the system and to put the brakes
on what is the most serious economic downturn we've had in many, many
generations," White House Senior Advisor David Axelrod said Sunday.
U.S. unemployment surged to a 16-year high of 7.2 percent as a
deepening recession pushed employers to shed a massive 524,000 jobs in
December, capping a yearly loss of 2.6 million, Raw Story reported January 9th.
Axelrod, a former Chicago Tribune reporter, told Stephanopoulos that
"we're trying to avoid...double-digit unemployment. We're trying to
take some measures that will create 3 million to 4 million jobs the
next couple of years, to put -- to try and slow down this plummeting
employment."
The Obama administration, he said, would like to "invest" money to
strengthen the economy and expand service programs such as Americorps.
But he said an economic turnaround would probably not happen this year.
"I think it's fair to say that it's going to take not months, but years
to turn this around," Axelrod said.
This video is from ABC's This Week, broadcast Jan. 18, 2009. A full transcript of the interview can be found here.
This looks bad, 524,000 jobs is massive. When they say years, I wonder how many?
While they are navigating in darkness, let's hope that there won't be some unforseen situation, like another terrorist attack, oil hike.
Here are some interesting links on the recession in the US.
How the Federal Reserve Created the US Recession
http://www.5min.com/Video/How-the-Federal-Reserve-Created-the-US-Recession-39529721
How to Oversome the Recssion
http://www.5min.com/Video/How-to-Overcome-the-Recession-37892458