Bush Recovery Is Averaging Less Than 200,000 New Jobs Each Month
The Labor Department reported this morning that the Bush recovery added a paltry 157,000 new jobs in December, a figure that came in below the expectations of economists, who were expecting between 175,000 and 200,000 new jobs to be added. The Bush recovery, aided by its tax cuts that we were told were supposed to create at least 300,000 jobs a month, has in fact generated an average of 147,000 new jobs a month over the last two months.
The administration, with a straight face, is now predicting only 2.1 million new jobs in all of 2005, after earlier predicting 3.6 million, and adding only 2.2 million in 2004. Surely, the administration is hoping to exceed the lower figure, since achieving it would only mean that the Bush recovery is averaging less than 200,000 new jobs a month in 2004-2005. But even if they do, that would be nothing to brag about, four years into a recovery that was supposed to see large job growth as a result of upper end tax cuts.