Saturday, August 02, 2003

The July employment figures put the cost of the Great Bush Job Destroying Machine at 3.2 million jobs.

At the start of the Bush tenure in January 2001 there were 111.6 million jobs in the US. In July 2003 there are now 108.4 million. In only five of Bush's 31 months in office has the number of jobs in the US actually risen, and the economy is currently on a six month losing streak.

Surely this has something to do with the interesting GDP figures released Thursday which shows that disposable personal income increased 3.3% in 2003:II while personal outlays rose 4.4% and personal savings fell 0.3%. American consumers are certainly consuming, but these figures suggest they're doing it with borrowed money and tapped savings. In light of stagnant real wages and disappearing jobs, what other answer would we expect?


Post a Comment

<< Home