The Bush Jobs Picture: In a Word, 'Bleak'

[BurtWorm]

http://www.jobwatch.org/


One year later, Bush Administration's tax cuts not fulfilling job creation promises


The Bush Administration called the tax cut package, which was passed in May 2003 and took effect in July 2003, its "Jobs and Growth Plan." The president's economics staff, the Council of Economic Advisers (see background documents), projected that the plan would result in the creation of 5.5 million jobs by the end of 2004?306,000 new jobs each month, starting in July 2003. The CEA projected that, starting in July 2003, the economy would generate 228,000 jobs a month without a tax cut and 306,000 jobs a month with the tax cut. Thus, it projected that 3,672,000 would be created over these last 12 months, the first year after the tax cuts took effect. In fact, since the tax cuts took effect, there are 2,230,000 fewer jobs than the administration projected would be created by enactment of its tax cuts. As can be seen in the chart below, job creation failed to meet the administration's projections in 10 of the past 12 months.

[Name removed]

1. Deleted message

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[alittlelark]

3. Hi! then bye, bye

you are a creepy.....

[sandnsea]

2. THIRD "jobs" tax cut

Economic Growth and Tax Reform Reconciliation Act of 2001 (EGTRRA), the Job Creation and Workers Assistance Act of 2002 (JCWA), and The Jobs and Growth Tax Relief and Reconciliation Act of 2003 (JGTRRA).

Tax cuts don't work. Republicans don't create jobs.

Johnson 3.8%
Carter 3.1
Clinton 2.4
Kennedy 2.3
Nixon 2.3
Reagan 2.1
Bush 0.6

Unemployment Rate5

1960 5.5%
1965 4.5
1970 5.0
1975 8.5
1976 7.7
1977 7.1
1978 6.1
1979 5.9
1980 7.2
1981 7.6
1982 9.7
1983 9.6
1984 7.5
1985 7.2
1986 7.0
1987 6.2
1988 5.5
1989 5.3
1990 5.5
1991 6.7
1992 7.4

[shockingelk]

4. Perhaps pretend I'm a freeper?

Here is the CEA report linked to from the article's "background documents": http://jobwatch.org/creating/background.html

I don't see a claim of "5.5 million jobs by the end of 2004", but I do see a chart with a line labeled "1.4 million new jobs created by the end of 2004".

Also, here's a April 25, 2003 WP article that reported,

Bush said a $550 billion tax cut would create more than 1 million jobs by the end of 2004, compared with the 1.4 million jobs he contends would be created by the original $726 billion version. http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&contentId=A34715-2003Apr24¬Found=true

Anyway,1.4 Million jobs for $726 Billion dollars:

$518,571.40 per crappy job!

Now THAT's a DEAL!

[Jeff in Cincinnati]

7. That's the number to repeat...

Bush will keep yammering about 1.4 million jobs created last year, which sounds pretty good, and of course its difficult to sound bite the fact that he's two million jobs lower than what he promised.

What people will catch on to is that it took a half million dollars in tax cuts to create each job. Then hit them with the fact that each job only pays %30-40K per year (whatever the number is), and it's clear that we could have had ten times the economic impact if Bush had just written checks!

A half million dollars for each $40,000 job!

[althecat]

5. Now this looks more like the truth....

I have always found the recent US jobs stats impossible to believe...

See also
NEW BOOM OR NEW BUBBLE?
The Trajectory of the US Economy
http://www.scoop.co.nz/mason/stories/HL0403/S00330.htm

[cthrumatrix]

6. don't count on the corporate media sharing the truth

and any BS number that comes out supporting this "asswipe" is beleived.... it's a sham for a puppet