Posted on 06/02/2006 4:25:12 PM PDT by Sub-Driver
A Heckuva Jobs Report
June 2, 2006
Today brought more evidence of President Bush's failed economic record. The Labor Department announced that only 75,000 jobs were created in May, about 100,000 fewer jobs than what economists were forecasting would be added last month. In addition, job gains for March and April were actually weaker than first reported by the government. Wage growth also slowed in May. [Bureau of Labor Statistics, 6/2/06; Associated Press, 6/2/06] The overall trend is not positive, as economists generally believe the economy needs to create 150,000 jobs each month just to keep up with population growth. [BBC, 6/2/06]
This recent report magnified the growing inequalities in America. While America lost 10,000 manufacturing jobs in May and many Americans are dealing with ever-rising gas prices and increasing health care costs, wealthier Americans are spending more.
"Despite the President's latest PR campaign, the Bush Economy is failing hard-working Americans and undermining our country's economic security," said Democratic National Committee Press Secretary Stacie Paxton. "America's working families don't benefit when incomes fall five years in a row, health care costs skyrocket, and gas prices hit record levels. Democrats remain committed to raising the minimum wage and adopting pro-growth job policies, tax cuts that help the middle class and not special interests, and an energy policy that makes America energy independent. Together, America can do better."
A "Haves And Haves Not" Jobs Market. "Unemployment fell to 4.6% largely because more adults chose to not participate in the job market. It is clearly a 'haves' and 'haves not' labor market, and these conditions go a long way toward explaining why President Bush cannot convince Americans the economy is on solid ground, even as it demonstrates robust GDP and productivity growth," according to Peter Morici, a professor at the University of Maryland. [Wall Street Journal, 6/2/06]
Auto And Retail Sales Offer Evidence Of Growing Economic Divide In America; Bush Economy Pinching Spending Of Lower-Income Americans. "May sales for big auto makers and retailers offered fresh evidence that rising energy prices are pinching the spending of lower-income Americans, even as wealthier consumers continue to spend strongly on luxury goods ranging from clothing to sports cars and SUVs. The stark figures raised the prospect that the increased cost of gasoline and heating oil could be aggravating the existing economic divide become lower-income workers and the best-paid, who already are seeing their wages rise at a faster rate. ...Results from Detroit's Big Three auto makers, as well as some foreign car makers including Toyota Motor Corp., for instance, showed that last month was good for luxury brands and foreign companies catering to affluent customers. ...By contrast, U.S. auto makers, who draw more lower-income buyers, continued to see a drop in sales, especially of sport-utility vehicles, and all three blamed the recent rise of gasoline prices to the range of $3 a gallon. ...The retail industry has seen a similar pattern this week. Despite concerns about slowing demand, retail sales were solid at upscale stores in May... But discounters have been warning that they see high gas prices crimping sales." [Wall Street Journal, 6/2/06]
What a laugher-- even THEY count on Democrats being stupid.
Wealthy people spending more money is a BAD thing?
To be one of the 4.6 persons out of 100 must mean you are one lazy, unmotivated liberal looking for charity from your fellow citizens.
If this damned economy doesn't slow down. I'll NEVER get a day off!
This has annoyed me all day. The way they spinned this is just the worst I have ever heard. I guess it was because I had no choice but watch CNN today. I was at one of the buildings at work because I had a seminar today and during one of the breaks I walked into the break room and the TV had on CNN. I just stood their for a minute and they were spuing lies. In stead of saying good job on 75,000 jobs, they said "Oh this is not good because we were expecting more" (maybe not exact quote, but close enough). What do they expect with a little over 4 percent unemployment. I was just pissed and realized again why I don't watch that channel.
That's a sure money bet.
NBC Nightly News had a piece on how to " survive the doom and gloom economy. "
Right after that, they featured an economist who was worried that the economy is " growing too fast."
4.6% IS full employment. Anything lower and look out for significant inflation.
Do these people ever look at the calendar ..??
If people would just look to see what's happening .. IT'S VACATION TIME .. this is not the time you start hiring people. You don't want to spend your summer training people - you want to go on vacation.
Geeeeeeez!
They did the same thing in March - it's TAX TIME - who's thinking about hiring people or shopping when you have taxes to file and taxes to pay. However, this month - when more and more people start receiving their income tax refunds .. shopping will begin anew. I wish people would get this.
I received this from the RNC on 4/29 (just a little good news):
U.S. Employment Is Strong:
More Than 5.1 Million Jobs Have Been Created Since Aug. 2003. (Bureau Of Labor Statistics Website, www.bls.gov, Accessed 4/7/06)
The Jobless Rate In Mar. Was 4.7%, Lower Than The Averages Of The 60s, 70s, 80s, And 90s. (The White House, Press Release, 4/7/06)
The 4-Week Average Of Continuing Jobless Claims Fell By 6,000, The Lowest Since Feb. 2001. (Greg Robb, "U.S. Jobless Claims Fall To 303,000," MarketWatch, 4/20/06)
Thirty-Three States Report Lower Unemployment Rates In March. (Bureau Of Labor Statistics, "Regional And State Employment And Unemployment: March 2006," Press Release, 4/21/06)
Over The Year, Unemployment Rates Were Down In 43 States. (Bureau Of Labor Statistics, "Regional And State Employment And Unemployment: March 2006," Press Release, 4/21/06)
Over The Year, Employment Increased In 48 States. (Bureau Of Labor Statistics, "Regional And State Employment And Unemployment: March 2006," Press Release, 4/21/06)
The Jobless Rate For African Americans Fell From 10.3% To 9.3% Between March 2005 And March 2006 While The Hispanic Jobless Rate Fell From 5.7% To 5.4%. (Bureau Of Labor Statistics Website, www.bls.gov, Accessed 3/21/06)
The Number Of African American-Owned Businesses Increased 45% Between 1997 And 2002, Four Times The National Rate. The Number Of Hispanic-Owned Businesses Increased 31%, Three Times The National Rate. ("Black-Owned Businesses Grow At Four Times The National Rate For All Businesses," The Associated Press, 4/18/06)
Statistics Show U.S. Employment Situation Better Than In Other Countries: In 2005, The U.S. Unemployment Rate Averaged 5.1%. The unemployment rates in France (10%), Germany (11.6%), Spain (10.1%) and Italy (7.9%) were all higher. (Central Intelligence Agency Website, "The World Fact Book," www.cia.gov, Accessed 4/11/06)
U.S. Stock Market Is Strong:
The Dow Jones Industrial Increased 3.7% In The 1st Quarter, Its Best 1st Quarter Gain Since 2002. ("CORRECT: U.S. Stocks Close Down On Day, Up On Quarter," MarketWatch, 3/31/06)
On Thursday, The Dow Jones Industrial Average Finished At The Highest Level Since Jan. 2000. (Mark Cotton, "Dow At 6-Year High," MarketWatch, 4/20/06)
The Nasdaq Composite Increased 6.1% In The 1st Quarter, Its Best 1st Quarter Gain Since 2000. ("CORRECT: U.S. Stocks Close Down On Day, Up On Quarter," MarketWatch, 3/31/06)
The S&P Increased 3.7% In The 1st Quarter, Its Best 1st Quarter Gain Since 1999. ("CORRECT: U.S. Stocks Close Down On Day, Up On Quarter," MarketWatch, 3/31/06)
Statistics Show U.S. Economic Growth Better Than In Other Countries:
In 2005, The U.S. Economy Grew 3.5%. The growth rates in the United Kingdom (1.7%), Germany (0.9%), France (1.6%) and Japan (2.4%) were all lower. (Central Intelligence Agency Website, "The World Fact Book," www.cia.gov, Accessed 4/11/06)
President's American Competitiveness Agenda Will Make The U.S. Even Stronger:
The President's American Competitiveness Initiative "Commits $5.9 Billion In FY 2007 And More Than $136 Billion Over 10 Years To Increase Investments In Research And Development (R&D), Strengthen Education, And Encourage Entrepreneurship And Innovation." (Office Of The Press Secretary, The White House, "Fact Sheet: The American Competitiveness Initiative: Encouraging Innovation," Press Release, 4/18/06)
President George W. Bush: "Here's the question that faces the country: Will we become a nation that is isolationist and fearful of competition from around the world, or will be we be - continue to be a bold and innovative country?" (President George W. Bush, Remarks At Parkland Magnet Middle School For Aerospace Technology, Rockville, Md., 4/18/06)
President Bush: "We've got a good economy right now. It's growing at rapid paces, and there's a lot of new jobs being added and productivity is high, and people are owning homes, and that's all positive. The fundamental question is: How do we make sure that that's the case next year, five years, and 10 years from now. That's really what we're confronted with." (President George W. Bush, Remarks At Parkland Magnet Middle School For Aerospace Technology, Rockville, Md., 4/18/06)
Dems Forget American Taxpayers And The U.S. Economy Have Benefited From Tax Cuts They Voted Against:
Senate And House Democrats Voted Overwhelmingly Against President Bush's Tax Cuts. (H.R. 1836, CQ Vote #149: Adopted 240-154: R 211-0; D 28-153; I 1-1, 5/26/01; H.R. 2, CQ Vote #225: Adopted 231-200: R 224-1; D 7-198; I 0-1, 5/23/03; H.R. 1836, CQ Vote #170: Adopted 58-33: R 46-2; D 12-31, 5/26/01; H.R. 2, CQ Vote #196: Adopted 51-50: R 48-3; D 2-46; I 0-1, With Vice President Cheney Casting A "Yea" Vote, 5/23/03)
"In The Past Five Years, The President's Tax Relief Helped Spur Growth By Keeping $880 Billion In People's Hands." (The White House Website, www.whitehouse.gov, Accessed 4/12/06)
Because Of The 2001, 2003, And 2004 Tax Cuts, This Year:
111 Million American Taxpayers Will Save An Average Of $1,877;
A Family Of Four Making $40,000 Will Save $2,010;
More Than 5 Million Individuals And Families Will Have Their Income Tax Liabilities Totally Eliminated;
44 Million Families With Children Will Save An Average Of $2,493;
14 Million Elderly Individuals Will Save An Average Of $2,043;
25 Million Small Business Owners Will Save An Average Of $3,641. (U.S. Department Of The Treasury Website, www.treasury.gov, Accessed 4/12/06)
Per Capita After-Tax Income Has Increased 8.2% Under The Bush Administration. ("Snow Defends President's Handling Of Economy," The Wall Street Journal, 3/20/06)
Per-Person Net Worth Increased 24% From The End Of 2001 To Early 2005. ("Snow Defends President's Handling Of Economy," The Wall Street Journal, 3/20/06)
Despite The Opposition Of Many Democrats, President Bush Has Called On Congress To Make His Tax Cuts Permanent: Failing To Extend The Tax Cuts Would Result In A Nearly $2.4 Trillion Tax Increase On American Taxpayers. (Office Of Tax Policy, U.S. Department Of The Treasury)
President George W. Bush: Failing to extend the tax cuts "would leave American families with a big tax hike that they do not expect and will not welcome." (President George W. Bush, Radio Address, 4/1/06)
In His Fiscal 2007 Budget Request, President Bush Again Asked Congress To Make The Tax Cuts Permanent. (OMB Director Josh Bolten, Press Conference, 2/6/06)
"In The Past Five Years, The President's Tax Relief Helped Spur Growth By Keeping $880 Billion In People's Hands." (The White House Website, www.whitehouse.gov, Accessed 4/12/06)
Send this to your dem friends and relatives.
They just have to lie and misrepresent about everything.
So, adults "chose" not to participate? If one can choose whether or not to participate in the job market, I would think one of the choices is employment. So again, this "choice of participation" is relevant how?
it sounds like a john edwards campaign speech....
The jobs are out there. Both my wife and daughter found jobs this week. We're getting ready for the state and county land tax that's going to hit us at the end of the year. Half our retirement income seems to go for taxes and insurance.
The Fed raised the interest rates again, the the MSNews is all negative even though the economic figures are astoundingly good, whaddya expect?
These people are so stupid, and so freaking predictable.
Let's see. What have dems proposed to do about gas prices? Hillary wants to tax oil companies $20b and Ron Weyden has some scheme to up the take to the government at the wellhead. Although these will increase government revenue, neither one will lower prices to the consumer. Raise the minimum wage affects 500,000 people. Now that's a winner. by the time it is enacted, they will all have gotten merit raises.
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