From the Associated Press:
HARRODSBURG, Ky. (AP) — Former Federal Reserve Chairman Paul Volcker says any economic recovery will be too slow to make a quick dent in high unemployment rates.
At a roundtable meeting of corporate and government leaders in Kentucky on Thursday, Volcker said the hard-hit financial sector faces “a considerable slog” in recovering from the worst economic downturn since the Great Depression. Volcker said that the factors that caused the downturn took years to form and that the recovery will take years as well.
He warned that economic recovery will be too slow to reduce the jobless rate at a fast clip.
The national unemployment rate currently stands at 9.8 per cent.
Volcker is now an economic adviser for the Obama administration.