February 10, 2004
Get ready for that big economic boom.
Dubya's new Economic Report for the Nation says that White House economic policies will create 2.6 million jobs in the US during 2004. Of course, this is the same report that said there'd be 1.7 million new jobs last year — when the actual figures show the year ending with a net loss of 53,000 jobs.
Personally, we think that buying lottery tickets is a more dependable personal financial strategy than waiting for Dubya's economic miracle to deliver us a new job.
Posted by Magpie at February 10, 2004 02:45 AM | TrackBackThis has been digested at my blog. Except that I can't say it better or more succinctly than Magpie so I gobbled the whole thing.
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Posted by: Easter Lemming Liberal News Digest on February 10, 2004 10:16 AMBrad De Long did a fantastic expose of this claim here:
"Payrolls 700,000 below CEA numbers on day CEA report is released": If Bush is using the--I can't call them employment forecasts or employment projections, let me call them "numbers"--in the 2004 Economic Report of the President to talk about how "strong" the economy is, shouldn't somebody be telling him that job growth is already running more than 700,000 below those "numbers"?And don't get me started on his "plan" to cut the deficit 50% (as a share of GDP) by FY2009. Except the OMB's "plan" relies on a 13+% hike in revenues for FY2005 over 2004, and 5.22% annual growth between now and 2009. The last time that happened was 1962-1967. Posted by: James R MacLean on February 10, 2004 05:58 PM[...]
Remember: the forecast is not 2.6 million, but 3.8 million. The point was not to make a forecast but to get a number into Table C-1, page 98 of the 2004 Economic Report of the President that was higher than the payroll employment number when Bush took office.