Congressional Budget Office: US witnessing longest period of high unemployment since Great Depression
According to a new Congressional Budget Office (CBO) report, the U.S. has seen the longest period of high unemployment since the Great Depression.
The CBO predicts that unemployment will remain above 8 percent until 2014. The figure would be closer to 15 percent, the report notes, if those who haven’t sought work in the past four weeks and those who are working part-time but seeking full-time employment were included.
In the report, the CBO sought to answer the following questions:
- What are the consequences of unemployment?
- What factors have caused high unemployment?
- What policies would increase demand for workers?
- What other policies could reduce unemployment?