Greenspan: Nation's Economy is "Pretty Awful"

Meredith Jessup | October 05, 2009 2:04 PM

Former Federal Reserve Chairman Alan Greenspan appeared on ABC's "This Week" yesterday and predicted America's unemployment rate will push past 10 percent, and remain at that high level for a while.

Greenspan described Friday's 9.8% unemployment report as "pretty awful," and says the growing number of Americans who have been out of work six months or longer is of particular concern. The former fed chairman said he would advise President Obama to focus on getting the economy going, but that a second stimulus is not called for because less than half of the original stimulus has been spent so far this year.