Friday, December 03, 2004

JobWatch - Back to Anemic Job Growth

Keep this in mind when you hear about new tax cut proposals. "The Bush Administration called the tax cut package, which took effect in July 2003, its "Jobs and Growth Plan." The president's economics staff, the Council of Economic Advisers projected that the plan would result in the creation of 5.5 million jobs by the end of 2004—in other words, 306,000 new jobs in each of the 18 months from July 2003 to December 2004. The CEA projected that the economy would generate 228,000 jobs a month without a tax cut and 306,000 jobs a month with the tax cut."

Check out the complete pattern to date here.

"The November job growth of 112,000 jobs falls short of this target by 194,000. Overall, the projection that 5,202,000 jobs would be created over the last 17 months is not close to having been realized. In reality, since the tax cuts took effect there are 2,986,000 fewer jobs than the administration projected would be created by enactment of its tax cuts. Job creation failed to meet the administration's projections in 15 of the past 17 months. It is apparent that, with just one month to go, the tax cuts have not worked as advertised."


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