Democrats didn’t give President Bush an ounce of credit for the more than 8.3 million jobs created since August 2003, but are now jumping to blame him for the no-so-great jobs report that came out today, which said that while the unemployment rate went down to 4.8%, payroll employment declined by 63,000 jobs last month. The news is by no means good, but not nearly as bad as Democrats are making it out to be. For starters, the unemployment rate is still historically low. In fact, because it is as low as it is, naturally, economic growth is going to slow down. Even as we were in the middle of a record 52 consecutive months of job growth (thanks to Bush’s economic policies) Democrats bashed the economy like we were in the middle of another Great Depression.
What this report should tell the Democrats is that we need more economic stimulus… which would include making the Bush tax cuts permanent and cutting spending… Unfortunately, congressional Democrats are proposing the exact opposite, a $683 billion tax increase and an increase in wasteful spending.
In response to the jobs report, Barack Obama attempted to turn the news into campaign fodder by saying Americans “can’t afford John McCain’s promise of four more years of the very same failed Bush economic policies that have failed us for the last eight, and they can’t afford another politician who promises solutions but won’t change the divisive, lobbyist-driven politics in Washington.”
I’m sorry Barack, but more than 8.3 million new jobs, a record 52 consecutive months of job growth, and historically low unemployment are not the results of a failed economic policy… they’re the results of commonsense economic policies that have been proven to work.
UPDATE: The Heritage Foundation urges Congress not to increase taxes, extend unemployment insurance, or restrict trade. They also note the following:
The economy is clearly weakening. Private-sector employment has fallen for the past three months, driven by job losses in the construction and manufacturing sectors. However, wages have grown at a strong pace, and the unemployment rate is still historically low. The economy is clearly sluggish, but America is hardly in an economic emergency.
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