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Greenspan: 3% growth with +10% unemployment

Aaron Ricks
Oct 5, 2009 at 10:16 AM
By Aaron Ricks

The former maestro and central-banking commissar of the American economy, Alan Greenspan, has predicted 3% growth for the third quarter, but he expects unemployment to continue to rise to at least the 10% barrier.

Greenspan told the ABC program "This Week" that he expected 3 percent growth in the third quarter, up from the 2.5 percent he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb.

A slowing or halt in job losses is different from reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8 percent -- is "going to penetrate the 10 percent barrier before heading down."

Greenspan

 Thank the Lord. Now all our fears may go away.

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How could businesses expanded by 3% and not have any positive effect on people being hired?   

Does this growth number account for inflation?  Maybe it should read, there will be 3% Inflation (aka Growth) and 10% unemployment.

Justin Page Wood's picture
Submitted by Justin Wood on October 5, 2009.

You just don't get it. Mr. Greenspan does. (/sarcasm)

Aaron Ricks's picture
Submitted by Aaron Ricks on October 5, 2009.

Kudos to Bonnie, for teaching me how to correctly spell "maestro."

Aaron Ricks's picture
Submitted by Aaron Ricks on October 5, 2009.

What's up with the six fingers?  Is that supposed to represent the "illusion" of growth?  Or does he really have six fingers.  Ha!

's picture
Submitted by Robert (not verified) on October 5, 2009.