Greenspan Predicts Higher Unemployment

Washington, DC, Oct. 5, 2009--Former Federal Reserve Chairman Alan Greenspan predicted Sunday that the unemployment rate will push past 10 percent and stay at that level for a while.

"Pretty awful" is how Greenspan described Friday's report that the unemployment rate has risen to 9.8 percent.

He says the growing number of Americans who have been out of work six months or longer is of particular concern because jobless workers lose skills over such a long period.

Greenspan said a second economic stimulus package is not called for because less than half of the current stimulus is in effect and because the nature of the recovery is not yet clear.