47th Consecutive Month of Job Growth, 1 Away From Record
As I've been noting these last few months, the Bush economy is hurtling ever closer to a possible record-setting period of unbroken job creation. Today, the Labor Department released its preliminary employment situation summary for July, showing an increase in seasonally adjusted non-farm payrolls of 92,000.
While this was down from a revised estimated increase of 126,000 in June, it nonetheless extended the economy's streak of consecutive job creation to 47 months, a trend that began just three months after Bush signed the 2003 investment income tax cuts into law. The only longer period of job creation on record (48 months) immediately followed Reagan's 1986 tax cuts.
But that wonderful voodoo that supply-side tax cuts do do so well doesn't just work for Republican Presidents. The longest uninterrupted period of job growth during the Clinton Presidency (33 months) immediately followed his signing of the 1997 capital gains tax cuts into law. (Of course, that streak had the misfortune of coinciding with the internet bubble, the aftermath of which wasn't such a hot job market, but it still goes on the books as Clinton's longest run without negative job growth.)
These three streaks (Reagan's 48, Bush's 47-and-counting, and Clinton's 33) are the three longest periods of unbroken job growth on record. How much more unmistakable does the economic stimulus effect of pro-growth, supply-side tax cuts need to be before redistributionists take their fingers out of their ears?
Bear in mind that unless Congress acts to make the 2003 tax cuts permanent, this most recent prosperity catalyst automatically expires in 2010 (and possibly sooner, depending on who we choose in 2008).
Handcrafted by Flip on August 3, 2007 |
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