Tuesday, May 25, 2004

As of April 2004, the US economy is down 1.6 million (non-farm) jobs overall under the Boy King, but down 2.3 million private sector jobs (one assumes Republicans won't be crowing over more government employment under Bush). Paul Krugman reminds us today that it's even worse than that, however.
The job forecast in the 2002 Economic Report of the President assumed that by 2004 the economy would have fully recovered from the 2001 recession. That recovery, according to the official projection, would lead to average payroll employment of 138 million this year � 7 million more than the actual number. So we have a gap of 7 million jobs to make up.

And employment is chasing a moving target: it must rise by about 140,000 a month just to keep up with a growing population. In April, the economy added 288,000 jobs. If you do the math, you discover that President Bush needs about four years of job growth at last month's rate to reach what his own economists consider full employment.
Well, I guess we've got the Republican campaign theme for 2008 already worked out!


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