What administration is doing appears not to be working
From the Houston Chronicle editorial board on job loss in the Bush economy:
Since President Bush took office, according to Labor Department figures, the United States has lost 2.5 million jobs. Of those losses, 44,000 came in July, blessedly down from June's loss of 72,000. Last month the jobless rate curiously shrank from 6.4 percent to 6.2 percent, but only because nearly half a million discouraged Americans quit looking for a job. Without a paycheck, these Americans won't be doing much spending, investing or saving.
President Bush says his policy of large and repeated tax cuts targeted toward those who pay the most taxes will create jobs. So far there is little evidence his tactic is working.
Bush administration officials argue that the job losses would have been worse without the tax cuts, but it is difficult to imagine more catastrophic losses under a single president. Unless the United States adds about 4 million jobs to its economy in the next 16 months, Bush will rack up the worst employment score of any president since Herbert Hoover.
Supply side economics or "trickle down" is an abject failure. At this point it simply amounts to a vast looting of the US economy on a scale that dwarfs the war spawned looting seen in the wake of the invasion of Iraq.
Worst...President...EVER!
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Friday, August 08, 2003
Posted by Ron at 3:29 AM
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