President Bush talked about the economy yesterday, and there were plenty of good things to say about it... the federal deficit is being cut faster than expected, and should be cut in half by 2009. We've seen 18 quarters of growth. To put it simply, "The tax cuts we passed work."
Still, in the media, stories about job creation often refer to the numbers as "weak" or lower than expected... Never mind the fact that since Bush got us out the recession, we've seen nothing but growth. But there's more to the story than that... An editorial in the Wall Street Journal notes that while the media labeled the 121,000 jobs created last month as a disappointment, "the labor report shows remarkable strength."
The unemployment rate stayed at a very low 4.6%, despite the addition of 330,000 new entrants into the labor market. The jobless rate is determined by another separate measure called the "household survey," which found that 387,000 new jobs were created in June after increasing by 288,000 in May. Both surveys have their uses, but the household survey captures self-employment that the business survey doesn't.
Economist Michael Darda of MKM Partners notes that averaging the two surveys yields a gain of close to 250,000 jobs in June, "which is much closer to the reality of America's very tight labor market." Meanwhile, the increase in total hours worked in June was itself the equivalent of a half-million new jobs. And the number of Americans who have been without a job for more than six months sank by 217,000 in June to its lowest level in more than five years. The average jobless spell is now less than six weeks.
Now, what about the left-wing myth that all the jobs being created are burger flipping jobs? Well, no one really has believed that, but, as the editorial notes, the jobs people are getting are good jobs with good wages. And speaking of wages, the went up "4.6% in this year's second quarter, the fastest quarterly pace since 1997."
The Bush economy is a good economy, no matter how much the Democrats and their allies in the media pretend it isn't. Still, I expect that the next time a jobs report comes out saying we've experiencec even more job growth the Democrats will still call that the "wrong direction."
Posted by Matt at July 12, 2006 09:39 AM
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This in spite of the Klintoon recession? Well here's a chance for the Bush bashers to step up and admit that the tax cuts work. So who's first to congratulate President Bush? Come on, I know you can do it!
Posted by: Bob Arctor at July 12, 2006 09:53 AM
burger flippers aint buying all those houses
& cars.
does krugman still have a job?
Posted by: OhioOrrin at July 12, 2006 09:57 AM
None of those numbers help my friends and I in any way. We have jobs, cars, houses and children.
Wages are not keeping up with inflation, gas prices are crazy(like the Oil company profits), Home equity lines of credit are adjusting up,up, up and food is more expensive in my area (Pittsburgh, PA). Daycare, school costs etc... all rising. THERE ARE MORE CHILDREN LIVING IN PROVERTY TODAY THAN WHEN PRESIDENT BUSH TOOK OFFICE. As Jesus said "That which you do to the least of my children you do also to me". Go to the poor rural areas of this country or the deepest darkest ghetto and see how we treat "Jesus" in America. I'll be praying for us!
Posted by: Gralan at July 12, 2006 01:54 PM
Gralan... wages are increases faster than inflation and inflation has been minimal ...
but, i'm sure you don't want to believe that.
Posted by: KCJ at July 12, 2006 01:59 PM
From Think Progress:
Today, the Office of Management Budget projected a $296 billion federal deficit for fiscal year 2006. Bush held a press conference arguing that this is a vindication of his economic policies.
Actually, it would be the fourth largest deficit of all time. Here’s the top five:
1. 2004 (George W. Bush) $413 billion
2. 2003 (George W. Bush) $378 billion
3. 2005 (George W. Bush) $318 billion
4. 2006 (George W. Bush) $296 billion (projected)
5. 1992 (George H. W. Bush) $290 billion
When President Bush came into office, he inherited a surplus of $284 Billion. At that time, the Bush administration predicted a $516 billion surplus for 2006.
The fact that Bush now considers a $296 billion deficit an occasion to celebrate shows how far we’ve fallen.
Enough said!
Posted by: Barneyg2000 at July 12, 2006 03:02 PM
4th largest deficit of all time. Holds the title for 1, 2, and 3 as well. How is this guy a conservative?
Posted by: purplenation at July 12, 2006 07:01 PM
I now believe that the average guy in the street doesn't know that the ecomomy is roaring!! sorry for your luck,Dems...
One of my painters, who has more work than he can handle..is completely unaware of this...we were talking about it tonite..after I just handed him a very large check...he's a smart guy but he just doesn't know...
Posted by:
Xango Annie at July 12, 2006 07:49 PM
I rest my case. Liberals cannot see the good news when a great Conservative Republican like President Bush deserves credit. Isn't this a classic case of Bush Derangement Syndrome?
Posted by: Bob Arctor at July 12, 2006 11:51 PM
4th largest deficit in the history of this country.
Posted by: lovedaright at July 13, 2006 01:31 PM
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This in spite of the Klintoon recession? Well here's a chance for the Bush bashers to step up and admit that the tax cuts work. So who's first to congratulate President Bush? Come on, I know you can do it!
burger flippers aint buying all those houses
& cars.
does krugman still have a job?
None of those numbers help my friends and I in any way. We have jobs, cars, houses and children.
Wages are not keeping up with inflation, gas prices are crazy(like the Oil company profits), Home equity lines of credit are adjusting up,up, up and food is more expensive in my area (Pittsburgh, PA). Daycare, school costs etc... all rising. THERE ARE MORE CHILDREN LIVING IN PROVERTY TODAY THAN WHEN PRESIDENT BUSH TOOK OFFICE. As Jesus said "That which you do to the least of my children you do also to me". Go to the poor rural areas of this country or the deepest darkest ghetto and see how we treat "Jesus" in America. I'll be praying for us!
Gralan... wages are increases faster than inflation and inflation has been minimal ...
but, i'm sure you don't want to believe that.
From Think Progress:
Today, the Office of Management Budget projected a $296 billion federal deficit for fiscal year 2006. Bush held a press conference arguing that this is a vindication of his economic policies.
Actually, it would be the fourth largest deficit of all time. Here’s the top five:
1. 2004 (George W. Bush) $413 billion
2. 2003 (George W. Bush) $378 billion
3. 2005 (George W. Bush) $318 billion
4. 2006 (George W. Bush) $296 billion (projected)
5. 1992 (George H. W. Bush) $290 billion
When President Bush came into office, he inherited a surplus of $284 Billion. At that time, the Bush administration predicted a $516 billion surplus for 2006.
The fact that Bush now considers a $296 billion deficit an occasion to celebrate shows how far we’ve fallen.
Enough said!
4th largest deficit of all time. Holds the title for 1, 2, and 3 as well. How is this guy a conservative?
I now believe that the average guy in the street doesn't know that the ecomomy is roaring!! sorry for your luck,Dems...
One of my painters, who has more work than he can handle..is completely unaware of this...we were talking about it tonite..after I just handed him a very large check...he's a smart guy but he just doesn't know...
I rest my case. Liberals cannot see the good news when a great Conservative Republican like President Bush deserves credit. Isn't this a classic case of Bush Derangement Syndrome?
4th largest deficit in the history of this country.