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Tidbits for Political Junkies with Short Attention Spans & Hearty Appetites

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Tuesday, April 06, 2004

 
Bush and Jobs


Salon's economics correspondent James K. Galbraith tells us what the numbers really mean:

Here's a quick and dirty calculation.

Assume population growth at its average rate since 1976. Set a target baseline payroll -- an employment-to-population ratio of 62 percent, the prosperous level that was exceeded almost continuously from June 1999 to August 2000. If we average 308,000 new payroll jobs every month from now on, how long will it take to break that June 1999 threshold once again?

Answer: Four more years. It wouldn't happen until March 2008


If you think this expansion is going to continue at this pace for four more years, in the face of what will soon enough be rising interest rates, huge deficits and the pressure to cut them, a deflating housing bubble and, most of all, the proven indifference of Team Bush to jobs policy, then frankly you haven't been paying attention. Four more months -- that I'd believe. But they haven't got a clue what to do after that.

All the March payroll numbers tell us, in a nutshell, is that the White House knows the date of the election.

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