Shiller predicts a decade of US weakness

The United States faces at least a decade of economic misery, with the number of unemployed Americans continuing to rise for years to come, says Robert Shiller, professor of Economics at Yale University.
Shiller accurately predicted the end of the Internet bubble seven years ago. His forecast of a decade-long economic downturn in the US should be taken very seriously.
“We could have many years of a very weak economy. Big recessions are followed by years of weakness and typically unemployment keeps rising. To say that this will last years is not a dramatic statement. What is happening now is much worse than 1990. We could be facing a decade of real weakness,” Shiller says in an interview with the Times of London.
Commerce Department data issued last week shows the US economy lost 524,000 jobs in December, with the overall unemployment rate rising to 7.2% — the highest in 16 years. There are now about 11.1 million unemployed US workers, about 50% higher than a year ago.

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About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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