CBO projects 8%-plus unemployment into 2014

CBO projects 8%-plus unemployment into 2014

The Congressional Budget Office is projecting unemployment of more than 8% throughout this election year and into 2014.

"The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression," the CBO says in a newly released report.

It added: "CBO projects that the unemployment rate will remain above 8 percent until 2014. The share of unemployed people who have been looking for work for more than six months -- referred to as the long-term unemployed -- topped 40 percent in December 2009 and has remained above that level ever since."

While I wouldn't doubt it will still be high in 2014 how many of the CBOs projections have been correct...

Unemployment Rate To Remain Above 9 Percent Through 2011, Will Remain Above 'Natural Rate' Until 2016: CBO

First Posted: 1/26/11

The jobs crisis isn't going anywhere, according to the latest forecast from the nonpartisan Congressional Budget Office, which puts the national unemployment rate above 9 percent through 2011 and 8 percent through 2012.

We will be below 8% by the end of this year IMO. If the Bush tax cuts and payroll tax cuts expire then yes I can see a bump back above 8% for the short term.

Add at least 3% for all the people who have fallen off the rolls the past few years.

We will be below 8% by the end of this year IMO. If the Bush tax cuts and payroll tax cuts expire then yes I can see a bump back above 8% for the short term.

I believe we will too. As more people give up and stop looking for work, the unemployment rate will continue to fall.