Wednesday, January 7, 2009

Robert Reich predicts 10% unemployment & 15% underemployment

WASHINGTON, Jan 7 (Reuters) - If the U.S. Congress does not pass an economic stimulus plan soon the country will lose another 3 million jobs in 2009, former U.S. Labor Secretary Robert Reich said on Wednesday.

"Unemployment will rise to 10 percent of the workforce by the end of this year, and under-employment -- including people working part-time who would rather be working full time, and those too discouraged even to look for work -- will reach 15 percent," said Reich, who served under former President Bill Clinton and has consulted with President-elect Barack Obama about correcting the current downturn.

read the rest of the story here.

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