CNS reports: [1]
In a blog entry [2] published last week, CBO Director Doug Elmendorf said “we think it will take four more years to get back close to full employment.”
In fact, baseline data CBO released last month [3] indicate that the “natural unemployment rate” will be 5.5 percent through the rest of Obama’s presidency and that actual unemployment [4] will never drop below 6.0 percent in any quarter between now and the end of 2016.
According to CBO, unemployment will remain above 7.0 percent through the third quarter of 2015. It will then drop to 6.8 percent in the fourth quarter of 2015, and gradually decline to 6.0 percent by the fourth quarter of 2016.
This assumes of course no reversal of course away from the socialist big government “tax, borrow and spend even more than that” policies.