Keep in mind that the Bush Administration has been projecting vast improvements in unemployment for more than a year, based on previous tax cuts. But today's regional and state employment and unemployment release shows absolutely no change in unemployment nationally, in fact non-farm payrolls actually fell in 26 states.
So, instead of the 300,000 new jobs each month President Bush has promised (for a year), we're down about 3.2 million jobs since this man took office -- and unemployment is holding firm. Given that we have already accepted three tax cuts, which produced a $374.2 billion deficit in 2003 and will produce a deficit of $480 billion in fiscal 2004. Now, putting aside the trillions in long-term deficit spending the Bush Administration has set us up for, the cost of the deficit in the last two years -- just the deficit, not the loss of revenues -- adds up to $854.2 billion. That means taxpayers, promised economic stimulus in return for these idiotic changes in the progressive tax system that produced America's 20th century prosperity (under Democrats and Republicans), have paid $2,669 per job *lost* under Bush.
Now, if this presidency is America's CEO administration, that's a lousy return on capital invested.
Posted by Mitch Ratcliffe at October 21, 2003 09:35 AM | TrackBack