Unemployment Rate Not An Indication Of Recovery Act's Failure, Says President's Economic Advisor

“Unemployment is substantially higher and job loss has been greater than most observers predicted last winter...unemployment is likely to rise in coming months,” said Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy Friday. He claimed, however, that “this does not provide a basis for concluding that the Recovery Act is falling short of its goals," since the peak impact of the stimulus on jobs is not projected to be achieved until the end of 2009. (0:30)


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