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« Made In America | Main | Church and State » June 4, 2004Do the Math: Bush Economy is BoomingMan, the Bush economy sucks. At the current rate of job creation, 238,000 per month so far this year, the Bush economy would create only 11.424 million jobs over four years. That's fewer than the 10 million Kerry's policies would create in his first term. Er, um. Never mind. The fact is, the Bush Boom is now creating jobs at a faster clip than the job growth John Kerry promises if he is elected president and allowed to enact his policies of higher taxes and higher government spending. In fact, at a rate of 238,000 new jobs per month so far this year, the economy would create 11,424,000 jobs over four years. John Kerry is promising his economic policies would create only 10 million jobs in his first term. And as I mentioned yesterday, the Bush Boom jobs are sustainable. The U.S. economy has kicked in to high gear, generating another 248,000 new nonfarm payroll jobs last month, according to the Labor Department. That's higher than economists were expecting. Meanwhile, the Labor Department also revised the data for job growth in March and April by a total of 74,000 jobs. Labor says, "Job growth in May again was widespread, as increases continued in construction, manufacturing, and several service-providing industries." The economy has created 947,000 jobs in the past three months - the best three-month gain since the summer of 2000. The economy has created 1.2 million jobs so far this year, an average of 238,000 jobs a month. At that rate, the economy will add another 1.19 million jobs before election day. The economy lost 2.7 million jobs, an average of 90,000 per month, from March 2001 through August 2003 as the economic slowdown that began in the final year of the Clinton administration turned into a recession and then the economy struggled to shake off the impact of the 9/11 terror attacks. Posted in Economy & Business
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At that rate, the economy will add another 1.19 million jobs before election day. Brad Delong writes that: Payroll employment would have to grow at an average pace of 850,000 per month (yes, that's eight hundred fifty thousand per month) in the next two months to get us back onto the midyear employment forecast the administration released last February. But hey, this upcoming election won't be hinging on kept promises or accurate projections, right? And Mr. DeLong has never had a forecast that needed to be "tweaked" I'll bet. Posted by: Sandy P at June 4, 2004 02:19 PMI think "tweaked" understates it, but I like your style. Posted by: Stuart Smalley at June 4, 2004 04:06 PMNot on the Democratic side anyway. Posted by: SDN at June 4, 2004 07:43 PMLayoff of the week: Maytag, 1,100 workers. Posted by: SemiPundit at June 5, 2004 12:32 PMEven in a booming economy, there are layoffs. It's the nature of a free-market, capitalistic, entrepreneur-driven system. By the way, Bridgestone has 75,000 job openings nationwide. Posted by: Bill Hobbs at June 5, 2004 02:09 PMAs long as you're using an imaginary future to praise Bush, why don't you count the number of dead soldiers in Iraq and see how many we'll have 4 years from now. Then you can say "The war is booming! The war is kicking into high gear! At this rate, we'll have many thousands of dead in just 4 years! Clinton couldn't kill nearly as many people! Yeah Bush!" Yeah lying with data! Posted by: Unapologetic at June 5, 2004 02:27 PMWhere are the Liberal critics now? Only 4 to 5 months ago they were all complaining about the slow job growth. Guess they will have to move on to something else. I need to take a second look at the Bridgestone numbers. If the 75,000 technicians (auto mechanics) were distributed among the 2,300 stores, that would come out to well over 30 mechanics per store. How could such a store do enough business to warrant 30 technicians? Many of them must be needed in the production plants as well. Is it possible that the 75,000 figure represents the entire U.S. work force of Bridgestone? It's a very big number. I have spent many years in technical work, and have trained many people in the operation of sophisticated equipment, from high-school level through graduate students. The equipment you speak of is not so complex that a reasonably bright and motivated high-school graduate could not become proficient within a year of working alongside a journeyman technician. At those wages, it would beat the hell out of bagging groceries. Posted by: SemiPundit at June 6, 2004 10:34 AMPost a comment
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