Everything will be Ok, unemployment will last just one more year

Talking during taping of "The Late Show" with David Letterman the US President Barack Obama noted that the unemployment will likely be "big problem" for at least another year.

Obama said that the stimulus package of $787 billion adopted by the Congress earlier this year served as a "tourniquet" that stopped the economic bleeding. Without that spending, he said another 1.5 million jobs, or more, would have been lost.

Meantime, Obama has a positive view of the future saying the time is needed for the economy to raise on its feet.

Obama predicts: "Unemployment is going to be a big problem for at least another year." Still, he notes that he is sure the economy will come back stronger than ever.

The nation's unemployment rate hit 9.7 percent in August. Most economists expect it to top 10 percent next year.