A Salute to the American Worker
"Robust economy?" Mmmm....not so much. Hale Stewart:
Despite claiming an economic recovery is at hand or that the US in experiencing "boom times", the New York Federal Reserve notes: "Our current recovery has been the worst in US economic history in terms of jobs creation." Bush started his term in January of 2001 with 132,454,000 million jobs. The total non-farm payroll number for July 2005 is 133,786,000. This means Bush's economic policies have created 1,332,000 jobs over 4 and a half years. However, the economy must create 150,000 a month to keep up with natural economic attrition - people changing jobs, businesses going under, people entering the workforce etc... Therefore, over the same time span, the economy should have created 8,100,000 new jobs to simply keep up with natural economic conditions. That means Bush is 6,768,000 jobs behind what the economy should create.He goes on to note that the US has "no official statistic for jobs outsourced in the labor reporting methods" (how is that possible?) but that many of these jobs were probably shipped overseas.
The New York Federal Reserve study notes the overall lack of robust jobs creation. Compared to the last 6 recoveries, all major economic areas are creating fewer jobs than in preceding recoveries.
(emphasis not mine)
More tragic fallout from the wrath of the idiot son.
posted by Jane Hamsher @ 8/15/2005 06:33:00 PM
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