Unemployment rate dropped to 4.7% in January - 193,000 New Jobs

February 3, 2006

[eraser2005]

Possibly revenues would be larger... but I would not classify W's cuts as "modest". Modest cuts are ones which provide growth large enough that within a 2-3 year time frame you're back at a balanced budget. No more cuts should be allowed until the budget is brought into balance. This $600 billion a year stuff is insane....

The dot-com bust and 9/11 were a nasty combination (I don't consider Microsoft suits a contributor at all)... but the dot-com bust can be placed solely on the insanity of get-rich-quick "investors", not the government...

[Beagle8U]

"Blame it on the unions - with a republican governor, things were just as bad...."

That pegged my BS meter to the top of the scale.

[jimfrommaine]

See, I believe that tax cuts are not cuts but are in fact revenue generators. We hear about a 600 billion dollar tax cut. I think supply-siders should call it a 600 billion dollar reveneue generator or whatever the number is. Obviously you don't believe tax cuts are revenue generators. But I think history is pretty clear that every time there is a tax cut revenues go up. Even the capital gains tax cut that Clinton signed increased revenues.

[Beagle8U]

"The tax cuts W offered were very modest in size. And yet they've helped to revive the economy. With bigger, more massive tax cuts, revenues will be much stronger. For the economy and the tax base will be much larger"

I knew that.

Michigan's problems are unions running all the business out of the state, and that stinking socialist Gov. that has raised every tax and fee imaginable.

Throw in some insane business regulations and its a wonder things aren't worse here.

[eraser2005]

You honestly think things were going good when Engler left? The unemployment rate was almost the same as it is now and there were huge budget deficits.... That's not saying Granholm is good... just pointing out that things in Michigan have been lousy for awhile...

[Moonman62]

You would have thought people might have noticed that when we added 45 million new jobs between 1980 and 2000, and experienced the longest continued growth, characterized by low inflation in our nation's history.

The real causes of inflation, currency devaluation, government overspending, and stunted economic growth never get a mention from the FOMC.

[buck61]

IT'S PRESIDENT BUSH'S FAULT!

[buck61]

THE MSM WOULD LIE IF IT WERE 1.1%.

[ChadGore]

This is a record . . . isn't it?

I can't remember, at any time in my life, unemplyment being so low.

Let's call it what is is.

FULL EMPLOYMENT.

[eraser2005]

revenues also increase from natural economic growth. The question is what impact do they have in relation to the alternative (no cut)? Does the economy grow faster as a result? There is NO concrete proof of this historically.

I believe tax cuts are good, but they must be in the light of balanced budgets.

And the 600 billion number is not the size of the tax cut - it is how massive the deficit will be given projected requests for Iraq and Katrina....

[expat_panama]

Wage Inflation

Damn McDonalds, employing all those people. Damn Bush economy!

Wondering if we'll be hearing about both at the same time now -- low paying jobs and expensive workers.

[ShandaLear]

Worst since Hoover.

[Toddsterpatriot]

Does the economy grow faster as a result? There is NO concrete proof of this historically.

LOL!!! You're kidding, right?

[eraser2005]

No, I am not.... provide proof if you have any, please...

[expat_panama]

...real causes of inflation, currency devaluation, government overspending, and stunted economic growth...

Just for clarity, are you saying that soaring wages that everyone's complaining about (when they refer to "wage inflation") has nothing to do with the booming economy with its attendant labor shortage?

[Clemenza]

BBBB-but, these are all burger flipping jobs.

Wait a minute, even those have been takin' ovuur by the illaygal Mexcuns.

Bush is Rooonin' our economy through outsourcin' and free trade! We need 2 go back 2 wen we-yall lived in row houses near filthy factories!

[Beagle8U]

You must be forgetting that 9/11 set things back at the end of Engler's term.

Michigan has never shed as many jobs, at such a rate as it has with Jenny Grandstand .

It just keeps getting worse.

She has screwed up tourism by stuffing the DNR and the NRC with socialist RATS that do nothing but raise fees and divert funds.

[tiki]

Does anyone know what the lowest ever job rate is?

[jimfrommaine]

I remember hearing in the 1980's that a large deficit would cause interest rates to go up. Yet the bigger the deficit and the national debt got, the lower interest rates became. Anyway, cutting spending is always a good thing. Devolving the federal government was what I expected after the 1994 elections. It's been 12 years, time for the GOP to get their act together.

[ChadGore]

4.7%