Friday, March 05, 2004

Tax cuts + tax cuts + more tax cuts= Job Growth ?????

Unfortunately for America, not if you live in reality.

"The U.S. economy added a paltry 21,000 jobs last month, according to a surprisingly weak government report on Friday that turned up the heat on President Bush as he seeks re-election.
The Labor Department report was the latest to dash hopes that employment was following the rest of the economy higher, leaving some economists to warn that robust hiring may still be some way off.

It also showed job creation in December and January was weaker than previously thought. The count of job gains for January was revised to 97,000 from 112,000 and for December to just 8,000 from 16,000.

The Bush administration released a forecast last month that looked for average growth of about 300,000 jobs a month this year -- well above most private forecasts. But with each disappointing employment report, that projection looks increasingly pie-in-the-sky."

It is worth noting that according to today's February employment release, job "growth" in America is running 1.07 million behind the pace of the Bush job forecast.

So maybe tax cuts aren't the solution to all of America's problems.


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