It's Official: Bush Economy Achieves Longest Period Of Job Creation On Record
I lamented last month that the 47-month streak of consecutive job creation had apparently finally snapped. According to the Labor Department's preliminary August reading, the economy lost 4,000 jobs that month, the first decline since August 2003. This meant the duration of the economic boom (as measured by job creation) that followed Bush's 2003 investment income tax cuts had fallen just shy of the record-setting 48-month streak that followed Reagan's 1986 tax cuts.
Today, however, not only does the Labor Department show a September payroll increase of 110,000, but it revised the August estimate from a decrease of 4,000 to an increase of 89,000. At 49 months (assuming future revisions don't reverse September's gains), the Bush streak now stands alone as the longest unbroken period of job creation since we started tracking it in 1939.
Goldilocks is alive and well and she's the economic love child of George Bush and Glenn Hubbard.
D'oh! Economy Fumbles At the 1 Yard Line
47th Consecutive Month of Job Growth, 1 Away From Record
46th Consecutive Month of Job Growth
45th Consecutive Month of Job Growth
43rd Consecutive Month of Job Growth
Update: Here's Hillary, two weeks ago, speaking at the Women Impacting Public Policy's annual meeting, cherrypicking September's preliminary estimate to suggest the economy is not creating jobs. (Skip ahead to 4:55)
We could close this gap, create more employment at a time when our economy desperately needs more employment, and create millions of new jobs that will get us over this, you know, barrier that we're not creating jobs. We lost 4,000 jobs in our economy last month. We're not seeing the job creation.
I'm seeing it. I see 8.4 million jobs created since the tax cuts went into effect. Even if the 4,000 decline in August had been accurate, it would've been the first month of negative job creation in four years (and a miniscule one at that, equal to 0.05% of the jobs created so far in this economic boom).
If an isolated decline of 4,000 in a single month was indicative of a desperate job market, I assume we'll shortly find the Senator publicly celebrating the dazzling grandeur that must accompany the revised increase of 89,000.
Handcrafted by Flip on October 5, 2007 |
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