I'm grateful to a commentor named "El" Verdad for the following post today. No gusta las policias economicas de "La" Arbusto...
...manufacturing jobs and high tech are down--lost jobs...service sector & contruction is up. 211,000 "new" crappy jobs. How do we know that the jobs created are "crappy"?
For the first time the employment gain of migrant workers is greater than the domestic workforce
BUSH COMMENT TODAY (April 7): "Under our leadership, the economy continues to improve..."
REALITY: Under the Bush economy, workers’ paychecks have shrunk over the last five years. Their healthcare and gasoline costs have gone up. And they are paying more for their kids’ college tuition. But companies are profitable and CEOs are still making millions, so President Bush thinks that everything is just fine.
BUSH COMMENT TODAY: "The economy added 211,000 jobs last month..."
REALITY: ...But what KIND of jobs? Average hourly earnings for production and non-supervisory workers – about 80 per cent of the labour force – rose by just 0.2 per cent in March. Compared with a year earlier they were up 3.4 per cent. That is a rise from about 2.6 per cent six months ago but below the 3.5 per cent registered in the year to February. Wages have struggled to keep pace with the rising cost of living. As families are still waiting for wages to rise faster than inflation, two threats to the labor market appear on the horizon. Higher interest rates and the end of the construction boom may slow consumption, economic, and job growth.
BUSH COMMENT TODAY: “Real after-tax income has grown by more than 8 percent per person since I took office. That means, on average, Americans have an income that is $2,100 higher this year than it was in 2001, after adjusting for inflation.”
REALITY: As The New York Times’ Paul Krugman has pointed out: “Say 10 middle-class guys are sitting in a bar. Then the richest guy leaves, and Bill Gates walks in. Because the richest guy in the bar is now much richer than before, the average income in the bar soars. But the income of the nine men who aren't Bill Gates hasn't increased, and no amount of repeating ‘But average income is up!’ will convince them that they’re better off.” Consider this much more reliable indicator: median family income – the point at which half of all American households earn less income, and half earn more – is stuck at $44,389, according to the most recent Census Bureau data. Median family income is $1,740 less, in inflation-adjusted dollars, than it was worth in 1999.
BUSH COMMENT TODAY: “On the day that Republicans in the House and Senate were finalizing the 2003 tax cuts, one Democratic leader said these cuts would ‘do nothing to create jobs.’ Facts have proven the critics wrong 5.1 million times over.”
REALITY: From March 1996 to March 2001, the economy created an average of 227,000 new jobs per month. From March 2001 to March 2006, the economy created an average of just 41,000 new jobs per month, according to economist Christian Weller of the Center for American Progress. The 211,000 new jobs in this month’s job’s report are welcome news. But the President’s track record on job creation is dismal; the job creation numbers of the last several years have more to do with simple population growth than his tax policy. Yet now the President is pushing more billion-dollar tax breaks for the wealthy. The President’s reckless budget policies and failed economic policies are hurting America.
08 April, 2006