On a day when Bush is holding a press conference to kick off a national tour of media events to tell the locals outside the Beltway how great he is doing, he will have to explain how an economy that is running on upper income tax cuts can’t produce any of the jobs he claimed it would years ago.
121,000! Are you kidding me? And this is supposed to be a sign of a solid Bush economy, especially when economists were predicting anywhere from 170,000 to 300,000 new jobs would be added in June?
Worse yet, the revised figures for April and May were equally pathetic: 112,000 new jobs in April and only 92,000 new jobs in May. That’s right folks, using the preliminary number for June, this juggernaut of a Bush economy can only generate about 126,000 new jobs a month, which is less that what is necessary to stay up with growth in the labor market. Yet the Bush cheerleaders will say that the unemployment rate stayed steady at 4.6%, which tells you that if the economy can’t generate enough jobs to stay up with growth and yet the unemployment rate still allegedly stayed at 4.6%, then either the number is cooked or there's lots of people leaving the labor market and giving up looking for work. Either way, the White House has no bragging rights about this economy, and yet the Fed will still consider raising rates one more time over fears of energy price-driven inflation, which should just about snuff out the Bush economy by Christmas.
With these GDP numbers over the last year, to be averaging only 169,000 new jobs a month means that the wealth generated by the Bush economy is not trickling down too far, which is just the way they planned it. But media cheerleaders like the Post's Fred Barbash will still manage to sugarcoat today's job numbers by citing the 8-cent an hour increase in average hourly wages at a time of $3.15/gallon gas, and rising mortgage and health care costs. I'm sure the White House is pleased with his work.