Federal Reserve Chairman Ben Bernanke, whose efforts to spur economic growth are under fire internationally and at home, on Tuesday said extended high unemployment could exact a high social cost.
"There are obviously very severe economic and social consequences from this level of unemployment," Bernanke said at an event hosted by Ohio State University's Fisher College of Business. "So getting new jobs, getting unemployment down is of an incredible importance."
Reuters reports that Bernanke noted the jobless rate of 9.6% has been hovering near that level since mid-2009 when the recession ended.
