According to Reuters, Robert Gibbs, the White House press secretary said today, "I think the president has said this, and I would certainly say this, I think you're likely to see unemployment at 10 percent within the next couple of months."
Yeah, like NEXT month.
Thank you Captain Obvious.
That would have been great information to consider several months ago when you projected a peak unemployment rate of 8%, a number that you have based a lot of your economic and housing "stimulus" projections off of.
Currently the advertised unemployment rate sits at 9.4% in May, in April it was 8.9%. There is a pretty darn good chance that it will hit 10% in June when the numbers are published in a couple of weeks. It looks like the Obama administration is going to need a bigger chart (courtesy of Geoff)...
Why is the unemployment number relevant? Other than the fact that the current administration doesn't understand the gravity of the situation, the unemployment number is relevant because it is the compass by which economic decisions are based off of. It is how you calculate projected deficits in GDP. And as a result, it allows you to better understand what needs to be done to stabilize the housing market and broader economy. Washington is bringing a knife to a gun fight.