Los Angeles Times - U.S. employers added only 32,000 jobs in July, the government reported Friday, a weak showing that surprised Wall Street, heightened fears of an economic slowdown and may have dealt a setback to President Bush's reelection campaign.http://us.rd.yahoo.com/dailynews/rss/topstories/*http://story.news.yahoo.com/news?tmpl=story2&u=/latimests/20040807/ts_latimes/uspayrollgrowthisweakinjuly
Hmm. It seems I knew that, but I don't know from where. Perhaps I already listen to the news? Jobs are down. This almost guarantees that Bush will have been the first president since Hoover to have less jobs than at the beginning of his administration. That isn't all Bush's fault, keep that in mind. However, the tax cut caused the deficit when tax revenues utterly failed to make up the difference, which means less health care and education spending or less military spending. As they say, bread or guns? Bush has kept us from affording both. 40% of the deficit can be directly attributed to the tax cuts of 2001. Another 20% to the tax cuts of 2003. 6% can be attributed to a slow economy, and the rest to increased spending.
At least they're not cutting jobs... :lookaround:
Actually, they are. To keep up with growth of the work-eligible population, 150,000 jobs have to be added every month. 150,000-32,000 equals 118,000 people added to the unemployment rolls, in that these employable people now count as unemployed. You see? This month, unemployment went up. Simple as that.