Job Figures Softer Than Expected
Despite Bush's claims that the economy has rebounded, only 32,000 new jobs were created in July, far below expectations.
The July gain was the smallest gain this year, and the unemployment rate only declined to 5.5 percent. Over the last 12 months, average weekly pay has only risen 2.4 percent, compared to a 3 percent rise in inflation. In other words, the average family actually has less money to spend!
Bush can talk all he wants about the economy "turning the corner," but I say, "Show me the jobs!" Since Bush has taken over, we have lost 1.1 million net jobs, and he is the only president since Hoover to have presided over a net loss in jobs. Note to Dubya: there is no such thing as a "jobless recovery!" That term is an oxymoron, just like military intelligence. The average worker does not care if the GDP is growing-he only cares if he can put food on the table.
"It's clear that the economy is hitting a soft patch," said Richard J. DeKaser, chief economist at the National City Corporation, a bank based in Cleveland. "What we're seeing is the severe impact of high oil prices."
The July gain was the smallest gain this year, and the unemployment rate only declined to 5.5 percent. Over the last 12 months, average weekly pay has only risen 2.4 percent, compared to a 3 percent rise in inflation. In other words, the average family actually has less money to spend!
Bush can talk all he wants about the economy "turning the corner," but I say, "Show me the jobs!" Since Bush has taken over, we have lost 1.1 million net jobs, and he is the only president since Hoover to have presided over a net loss in jobs. Note to Dubya: there is no such thing as a "jobless recovery!" That term is an oxymoron, just like military intelligence. The average worker does not care if the GDP is growing-he only cares if he can put food on the table.
posted by Ben at 11:17 AM
3 Comments:
Wasn't "Prosperty is just around the corner" an old Herbert Hoover line too?
This comment has been removed by a blog administrator.
The spin to cast the 32,000 job figure in a positive light has been amusing. Job figures are obviously important, but I like how your post goes beyond them. If Kerry and Edwards focus too much on job numbers, their economic message will become overly chained to whatever statistics the Department of Labor releases. Many Americans feel as if their wallets and savings are been worn out, and I hope Kerry and Edwards continue to argue that those feelings reflect reality.
~UnityMike
Post a Comment
<< Home