Speaking on “Fox News Sunday,” Austan Goolsbee said the recession that began in 2007 put the U.S. economy deep in the hole and it’s going to be a long struggle to get out.

The unemployment rate is now at 9.6 percent, and Goolsbee declined to speculate what it might be at the end of the year.

But he says he doesn’t think the rate will be coming down significantly anytime in the near future.