A new report by the U.S. Conference of Mayors found that most metro areas will have high unemployment for years to come. Some findings:
- By the end of 2011, 75 metros will have double-digit unemployment rates, and 193 metros (53%) will have rates higher than 8%.
- Unemployment rates are expected to exceed 10% in 69 metros; 9% in over 100 metros; and 8% in 173 metros until the end of 2012.
- At the end of 2012, 311 metros will have unemployment rates above 6%; 173 metros will have rates above 8%; and 69 metros above 10%.
Los Angeles Mayor Antonio Villaraigosa, president of the U.S. Conference of Mayors, said:
It’s time for Congress to get on with the serious business of legislating short and long-term solutions to our jobs crisis…. We need to stand for a new world order in federal spending. It’s time to bring our investments back home. We can’t be building roads and bridges in Baghdad and Kandahar, and not Baltimore and Kansas City. Not when we spend $2.1 million on defense every single minute. Not after nearly $1.2 trillion spent and over 6,000 lives lost in Iraq and Afghanistan.