May 7, 2004

BUSHONOMICS:

Companies Add 288,000 Jobs to Payrolls (LEIGH STROPE, 5/07/04, AP)

Employers added 288,000 jobs to their payrolls in April as the nation's unemployment rate slipped to 5.6 percent, reinforcing hopes for a sustained turnaround in the jobs market that had lagged for so long.

Payrolls have risen now for eight straight months, with 867,000 new jobs created so far this year, the Labor Department reported Friday.

"I'm officially declaring the jobless recovery dead," said Ken Mayland, president of ClearView Economics. "I think we are now on a path of what will be substantial job gains."


So, do we figure Greg Mankiw's phone is ringing off the hook with folks apologizing for doubting the prescient job creation number in his report to the President?

Posted by Orrin Judd at May 7, 2004 1:05 PM
Comments

We can count on the liberal press to bury it, minimize it or spin it as a portent of coming disaster. Probably all three.

Posted by: L. Rogers at May 7, 2004 1:26 PM

L - agree - the big news of the day will be Rumsfeld Rumfeld Rumsfeld. The jobs data will be at the end of the news and given little attention.

Posted by: AWW at May 7, 2004 1:54 PM

By now, even the media will throw the towell on this one. In three months what they say about the economy won't matter as people will see it all around them. And by then epect Rove to remind them.

Posted by: MG at May 7, 2004 2:20 PM

MG:
I hope you're right. It's good to remember that Karl Rove knows his job. But, given the relentless hostility of the press, it's quite an achievement that this president is as popular as he is. I'm sure the blogosphere has helped.

Posted by: L. Rogers at May 7, 2004 2:26 PM

L. Rogers --

Frankly, Main Street economic confidence is not an issue that special interests (Soros and Park Avenue liberals) and the media can manipulate. When a 6 trillion dollar economy grows at 4 to 8 % over 12 months, when wealth is rebuild to the tune of trillions, and finally when jobs are created by the hundreds of thousands the nay sayers have two choices: drop the slam-dunk economic issue (worst economy ever, nothing else for me to say!), fine-tune it (we are growing but only the wealthy are benefitting, or we are polluting to much, or we could have done better). After getting fat off the easy pickings of a lackluster economy in 2001-2003, a fine tune attack will not register.

This leaves the Dems in the same position W was in 2000, where the GOP read the economy as not being an issue (though they could have fine-tuned the attack), and re-foused the choice along the lines of "prosperity (not being denied) with a purpose". Of course, this case was built over two years and had a willing accomplice in Bill Clinton (and his character flaws).

If anyone thinks that the War is that issue for Kerry, I would say -- he will try but look what he has got against him. First, every time the Dems push too hard, they hit backlash. Second, then Kerry begins to sound like Bush but with the Gilbert and Sullivan opera in the background (oj's), and if he starts to sound like Bush, give Nader 10% of the vote and Boston will look like Chicago in 1968.

Posted by: MG at May 7, 2004 3:33 PM

MG:

Closer to $10 trillion, no?

Posted by: oj at May 7, 2004 3:56 PM

OJ:

Precisely. I remember NPR (Daniel Schorr, if my memory is accurate enough) pilloring Mr. Mankiw for his temerity.

Idiots.

Posted by: Jeff Guinn at May 7, 2004 5:50 PM

As I suspected. I caught the evening news. After bashing Rumsfeld and Bush for 15 minutes they brought up the job numbers. Then they spent every effort knocking the numbers (not good jobs, uneven across the country, many still looking for work, etc). Rather said approximately "even with these job numbers millions have lost their jobs since Bush took office". No surprise here.

Posted by: AWW at May 7, 2004 7:11 PM

MG - Thanks for the comments. I hope you're right.

AWW - Exactly.

Posted by: L. Rogers at May 7, 2004 7:25 PM

AWW:

At the current rate there'll be net job creation, rather than loss, for Bush's first term by Election Day.

Posted by: oj at May 7, 2004 8:25 PM

When is somebody going to tell the Democrats that most Americans think that Herbert Hoover invented the Vaccum Cleaner.

MG: I think you have grasped the essence of Kerry's dilemea on the war. He has no running room. I assume that this means the Democrats will focus on Social Security and Medicare.

Posted by: Robert Schwartz at May 7, 2004 9:44 PM

oj:

Unlikely.
Fed rate raises should dampen job creation before then, which is good economically, even if poor politically for Bush.

Posted by: Michael Herdegen at May 8, 2004 3:55 AM

Michael:

They can't raise fast or far enough to hurt him politically.

Posted by: oj at May 8, 2004 7:44 AM
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