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Volcker predicts 'long slog' before economic recovery
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05/04/10 04:32 PM ET
Former Fed Chairman Paul Volcker told a Washington University audience on Monday to prepare for a "long slog" before the economy re-engages, the online news site St. Louis Beacon reports.
He predicted the economy, as well as job creation, will take years to recover from the financial crisis.
"Unemployment will be too high for far too long," he said, according to the site.
Volcker mentioned a stronger trade position would help mend the economy.
"What I'd like to see, is manufacturing to have a pick up," he told reporters, according to the site.
Volcker is an advisor to President Obama and charged with finding ways to reform the tax code.
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