Needz moar j0bs

Christina Romer, one of Obama’s economic advisors, says that by the end of 2010 the unemployment rate will be 9.8%. Which is ummm… awful. And to make matters worse, by the end of 2011 the rate will be 8.9%. Still awful. Even at the end of 2012 the rate will be a really crappy 7.9%.

As a comparison, try to recall that over the last couple decades, people were freaking out when the unemployment rate inched above 5%. So we’re looking at abnormally high unemployment for at least 3 more years, likely more.

That should be an unacceptable situation for our government elites. And no, a $100 billion jobs bill isn’t going to be enough to solve our historic unemployment problem.

(h/t Yglesias)