Bush’s Failed Economic Policies?
This morning’s job report proves yet again the folly of President Bush’s economic policies, especially his tax cuts:
Employers boosted payrolls by a better-than-expected 132,000 jobs in June, enough to keep the unemployment rate at a relatively low 4.5 percent. It was another sign that the economy is snapping out of a nearly yearlong sluggish spell.
The latest picture of the nation’s employment climate, released by the Labor Department on Friday, also showed that workers saw solid gains in their wages last month.
If that isn’t enough good news, check this out:
The tally of 132,000 new jobs was stronger than the 125,000 that economists were forecasting. They did, however, predict that job growth would be sufficient to hold the unemployment rate at 4.5 percent, where it has stood for three straight months.
“The economy seems poised to return to its full potential,” said Carl Tannenbaum, chief economist at LaSalle Bank. “Employers are seeking opportunities to add to their talent pools. The demand for labor is being driven by very solid demand for goods and services.”
New hiring in the areas of education, health services, leisure and hospitality and government drove overall job growth last month. Construction companies also expanded employment, even as they coped with fallout from the housing slump. Those employment gains swamped job cuts at factories, retailers and certain professional and business services.
Meanwhile, the economy added more jobs in April and May than the government previously thought. Revised figures released Friday showed that payrolls grew by a strong 190,000 in May, much stronger than the 157,000 reported last month. In April, 122,000 positions were added, which was better than the 80,000 previously reported, which had been the fewest in two and a half years.
My good friend King always is quick to point out that it’s important to check out the revisions of past job growth totals:
The new payroll figures show a fairly sharp revision in April and May employment along with a healthy increase in June. I always keep an eye out for revisions, as they tell us something we didn’t expect.
This report should provide activists the motivation to work hard to get tax-cutting, job creating, pro-growth GOP legislators elected in November, 2008.
Technorati Tags: Tax Cuts, Economic Growth, Job Growth, Department Of Labor, President Bush
Cross-posted at LetFreedomRingBlog
July 6th, 2007 at 11:09 am
[...] Cross-posted at California Conservative Categories: President Bush, Economy, Conservatism, Taxes, Domestic Policy, Election 2008 | [...]
July 6th, 2007 at 1:47 pm
The spin here in Oregon was that there were only about 99,000 new jobs, the rest were taken by teachers for summer jobs, so the picture isn’t nearly as bright as some would paint it.
Gosh, does that mean that, seasonally adjusted, those (or any other) teachers never had “summer jobs” before and that they’re doing it just to make ends meet now because the economy is in the dumps?
Vipers.
July 6th, 2007 at 10:53 pm
Not necessarily, but this does pretty much blow the argument that the illegal aliens are taking all of our jobs out of the water. If the numbers point to pretty much full employment, then the jobs that are left over for the illegals really are the jobs that no American would want, right?
July 6th, 2007 at 11:34 pm
Let’s see. New unemployment apps hold steady at give or take 150,000. That doesn’t include the continuing job seekers and the ones who’ve quit looking because they see no use in it any more.
Yes, Rocky, I’d say that’s just a couple short of full employment and that it’s real nice having all those criminal aliens taking all those construction jobs and such because there’s not one person in the entire United States who’d want to do that kind of work.
When you get back into the solar system with your analysis, let us know.
July 6th, 2007 at 11:57 pm
Why Carlos, are you suggesting these liberal talking points just to counter Mr. Gross’ glowing analysis of our economy and its impact on the GOP in 2008?
July 7th, 2007 at 6:54 am
No, Rocky, what I’m suggesting is that the lie of “jobs Americans won’t do” is just that: it’s a lie.
As far as a healthy economy goes, the only downside I see to the one we have now is the engine driving it is about to have sugar tossed in its tank by a jackass Congress. As soon as the donkeys allow several of GW’s tax cuts to expire (Lordy, how I’m starting to hate to defend that weasel) the economy will tank once more thanks to the incredible stupidity of “representatives” who wouldn’t understand the point of diminishing returns if it stomped them on their heads.
Or maybe, just maybe, some of them can’t stand the thought of the opposition party getting credit for making lives of most of its citizens better, and are determined to screw those of us willing to work in spite of the donkeys wanting to be our saviors and nannies (with our money, of course).
July 8th, 2007 at 12:24 am
Tell me, the last time you had your car valet parked, what was the race of the valet? Do you have a gardener, house cleaner or nanny? Eaten out lately, or just had fresh fruits and vegetables at home?
Look around yourself and tell me which ethnic group seems under represented, and which one seems to dominate. And then tell me how they manage to raise a family, buy a house, and build a retirement. You know, integrate into the fabric of our society. Because I want to know, who is clamoring for these fantastic career positions earning a whopping $10 an hour, without benefits, or even job security?
Yet, these people work their way upward, as a whole generation did in the 90’s, sustaining the longest peace-time expansion in the history of the nation. And all before the wonders(!) of W’s taxcuts somehow saving the day. The law of diminishing returns does indeed apply, as the Democrats see, it time for the policy to change, as the returns in recent years have certainly been diminishing, if you get my drift.
July 8th, 2007 at 10:46 pm
Way to go Rocky, never let facts get in the way of liberal talking points and NBC.
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