July 23rd, 2010
05:31 PM ET
4 years ago

White House: Unemployment at 9% until 2012

ALT TEXT Unemployment will likely stay at or above 9% through 2012, White House officials said Friday . (PHOTO CREDIT: Getty Images)

New York (CNNMoney.com) - The White House said Friday it expects that unemployment will stay at or above 9% until 2012, but at the same time forecast that the economy will grow by at least 4% in 2011 and 2012.

It also revised its long-term deficit estimate under President Obama's proposed 2011 budget: The administration now believes the 10-year deficit will be $58 billion less than projected in February when the budget blueprint was first released.

Under the revised estimates, Uncle Sam will ring up $8.474 trillion in deficits between 2011 and 2020, down from the $8.532 trillion estimated in February.

In the near-term, the administration expects the 2010 deficit to come in at $1.47 trillion - slightly lower than originally forecast - while the 2011 and 2012 deficits will come in somewhat higher.

Full Story:


Filed under: Christina Romer • issues • unemployment • White House
soundoff (34 Responses)
  1. toughlove

    Obama is failing me, my children, my future grandchildren and THEIR children as well with this obscene debt. It is indefensible.

    July 23, 2010 07:05 pm at 7:05 pm |
  2. LacrosseMom(the real one)

    Another History Lesson:

    Back in 1981-1983 when Ronald Reagan was president, in his first term, we had .......10%......... unemployment.

    Reagan's poll numbers dropped to ..........41%.

    We will survive, America. Do not be fooled by the GOP's propaganda!

    IF YOU want to SEE, you WILL SEE SIGNS of recovery! But..... good news is not exciting enough for the MSM.

    July 23, 2010 07:20 pm at 7:20 pm |
  3. LacrosseMom(the real one)

    PS.

    Interesting, how none of the Conservatives complain about PAYING .....$6 BILLION..........a month........ for the Bush wars!

    July 23, 2010 07:21 pm at 7:21 pm |
  4. Stymie

    What a failure this administration is.

    July 23, 2010 07:28 pm at 7:28 pm |
  5. CanadaOne

    University of Alaska – did a study and found that many of the unemployed were republicans.

    The primary contributing factors were

    1. low educational levels

    2. low IQ

    3. high body fat

    4. very lazy

    July 23, 2010 07:31 pm at 7:31 pm |
  6. Why do we need the Dems

    When Obama campaigned he promised 5 million new jobs – it never happened. Not the Dems are telling us that unemployment is not going to improved for 2 + years/ Whu do we need the Dems in office if all they are promising us is more unemployment - time for a real change

    July 23, 2010 07:37 pm at 7:37 pm |
  7. Orlando Patriot

    What happened to "If the stimulus is passed we can keep unemployment below 8%"? Either Obama doesn't understand Economics and made a rediculous statement not knowing what was actually going to happen OR he DID know that what he said was a lie and now is trying to cover it up. This president is either incompetent or just LIED to you. When are you that support this incompetent president going to realize that he is killing this country and doesn't care about anything but creating his own power? GET RID OF THIS INCOMPETENT FOOL!!

    BTW, I teach Economics and one of the FIRST things you are taught is a business will hire someone if paying for that employee is LESS than what that employee gives you in additional profits. Why would a business hire someone that is going to cost them MORE than what they get in return? THEY WON"T!! So when Obama says he will tax the business more, the business will pay more for insurance, the Bush tax cuts will be repealed, etc. OF COURSE THE BUSINESSES WILL NOT HIRE!! AND THIS SURPRISES YOU? If it DOES suprise you (and you don't understand the economics of business) then YOU ARE PART OF THE PROBLEM!!

    July 23, 2010 07:43 pm at 7:43 pm |
  8. Karl in Charleston,SC

    "It's the economy, stupid." the smartest thing Bill Clinton ever said.

    July 23, 2010 07:53 pm at 7:53 pm |
  9. vette66

    Actually it is around 17% counting the ones that have stop looking for work.

    July 23, 2010 08:06 pm at 8:06 pm |
1 2