CBO: Longest Period of High Unemployment Since Great Depression

After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.

And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.

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Combine that with gas prices approaching $4 per gallon, possibly reaching $5 per gallon by the end of summer, and you have a recipe for extended economic misery.

In related news, the third anniversary of Obama’s $800 billion “stimulus” legislation is approaching. You remember the stimulus — the bill Obama said would keep unemployment from reaching 8%. Three years later, we’re looking at unemployment above 8% until 2014.