Obama Fears ‘New Normal’ of High Profits Without Job Growth

President Barack Obama said he is concerned the U.S. economic recovery might continue without creating enough jobs to cut the unemployment rate to its pre- recession levels.

“What is a danger is that we stay stuck in a new normal where unemployment rates stay high,” Obama said on CBS’s “60 Minutes” program today. “People who have jobs see their incomes go up. Businesses make big profits. But they’ve learned to do more with less, and so they don’t hire.”