Tax Cuts: Economic Stimulus or Voodoo Economics?

The New York Times reports today that there are still fewer people working than when GW Bush took office. The Labor Department reports that there were 132.3 million jobs in December, compared to 132.4 million in January 2001. GW Bush’s place in history is now secure, as the first President since Herbert Hoover to complete his first term with fewer jobs than when he took office.

The same report states that manufacturing added only 96,000 jobs in 2004. Compared to the more than two million manufacturing jobs that were lost from 2000 through 2003, the US economy is experiencing “the weakest rebound in factory employment of any economic recovery on record in the United States.”

Most of the jobs that were added in 2004 were in service industries, although retail is still lagging. Hourly wages were reported to have climbed by 2.7 percent, although inflation was measured at 3.5 percent.

This data suggests that it is still difficult for most skilled and experienced workers to find a good paying job.

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