CNN Report: Even if the economy returns to positive growth this year, the loss in output, income and employment during the recession and the next few years will be huge," said Doug Elmendorf, director of the CBO, in testimony before the House Budget Committee."CBO's forecast in August is likely to show even larger shortfalls in output over the next few years," he said. The agency is expecting that the unemployment rate will continue to rise into the second half of next year and will peak above 10%. In March, CBO forecast unemployment would hit 9.5%. Read more...
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