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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Sully- who wrote (54886)3/7/2007 1:38:31 AM
From: tejek  Read Replies (3) of 90947
 
The Current 'Depression'

Stagnant wages, the "savings rate" and other non-problems.

The Wall Street Journal Editorial Page
Saturday, February 3, 2007

What has that to do with affording the tax cuts. You are off on a tangent.

Readers will recall that the current expansion was derided right through 2004 as a "jobless recovery." We now know the economy has created 7.4 million new jobs since mid-2003, as revisions by the Bureau of Labor Statistics have added hundreds of thousands to its original monthly estimates. Thus the hand-wringers have had no choice but to move on, turning their laments to allegedly "stagnant wages." Well, that's now vanishing too.

It was a jobless recovery in the sense that it was not producing enough jobs to meet the requirements of an expanding labor force. That changed in the last year and half. In that period, there were more months where the minimum needed to satisfy labor expansion was produced..........that minimum is 150K jobs per month. Prior to the last year and half, job creation more often than not was less than 150K per month.

But ask your WSJ guy why he starts the count in mid 2003 when the recession ended in 2001. The reason: there were virtually no jobs produced between 2001 and mid 2003. Another example of how the right distorts the facts.

Having said all that, the above has little to do with the tax cuts which is what we were discussing.
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