In an
interview on ABC’s Good Morning America Thursday, one of the most famous investors in the world, Warren Buffet, stated that United States unemployment could hit 11% and that another stimulus package would be needed to help the economy recover from the recession. “I think a second one may well be called for. It is not a panacea. A stimulus is the right thing. You hope it doesn't get watered down.” Currently, the Obama administration does not believe the U.S. needs another stimulus package yet.
The billionaire compared the $787 billion stimulus package to “half a tablet of Viagra and then having also a bunch of candy mixed in --- it doesn't have really quite the wallop.”
The investor, who was a fervent supporter of Barack Obama during his 2008 Presidential campaign, said, “We were in a freefall really in the last quarter of last year, starting in the financial markets and spreading to the economy, and we had this huge change in behavior.”
Mr. Buffet further iterated that unemployment had “a ways to go” but stated he does not predict it would hit 11% however; he would not be surprised if it did.
In an article posted on Digital Journal
Obama Advisor Wants a Second Stimulus, John Williams, founder of Shadow Government Statistics, believes unemployment has hit 20%.
