Federal Reserve Chair Ben Bernanke is predicting U.S. unemployment will remain high for many years to come. Bernanke made the comment in testimony before the House Budget Committee.

Ben Bernanke: “Following the loss of about eight-and-three-quarter million jobs from 2008 through 2009, private-sector employment expanded by a little more than one million in 2010. However, this gain was barely sufficient to accommodate the inflow of recent graduates and other new entrants to the labor force, and therefore not enough to significantly erode the wide margin of slack that remains in the labor market. Although the growth rate of economic activity appears likely to pick up this year, the unemployment rate probably will remain elevated for some time.”