President Bush's Tax Cuts Still Not Delivering Jobs as Promised
The President's claim that, "Tax relief is stimulating job creation all across the country." is not borne out by new unemployment figures released this morning, which showed the unemployment rate stayed flat at 6.1%.
The administration predicted its Jobs and Growth package would create an average of 344,000 new jobs per month. The net gain of 57,000 jobs was 287,000 jobs short of the administration's prediction. The jobs picture for many long-term unemployed continues to remain bleak, with 2.1 million workers now counted among those who have been seeking work for more than six consecutive months -- over 23% of all unemployed workers.
Consumer confidence also slipped in September to its lowest level since March, when anxieties over the impact of war with Iraq affected attitudes. That decline, combined with the first decline in four months for orders to U.S. factories and a separate key manufacturing index dipping more than expected by economists, demonstrates continued "softness" in key areas of the economy.
The nearly two-year long recovery is the worst for employment growth since the Bureau of Labor Statistics began tracking employment in 1939.
But, hey, if he repeats it often enough, he'll begin to think it's true. Oh, wait...he's already there.
