Wow. We finally had a month of strong employment growth.
Among other leadering factors for this jump are the 72,000 idled grocery workers in california who are no longer striking, and are working again, and are thus now being counted as new jobs, and that it is spring again, so construction (the other leading industry in hiring) begins anew.
Wait – we don't mean to be this cynical – the market may actually be improving, and all we had to do was drive the country three trillion dollars into debt to get it.
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My two cents, before everyone else jumps in and starts slapping each other on the back:
($500billion yearly deficit) / (4 for quarterly) / (revised 171,000 jobs created per month * 3 months) = we are taking $243,664 in debt per job created.
Now granted, I'm sure those grocery workers and all the other jobs our economy created this past quarter are paying above the $250,000/yr mark, but let's pretend they aren't.
I'm not an economist by any means, (I've always run to math equations instead of theory) so I'll need someone to explain to me why this is an efficient system.
I'll probably believe you, because like most americans I'll believe anything if there are enough fancy words used – and before we start revising history the sole stated reason for taking this deficit (100 or so billion for Iraq aside) was to save the economy. And no, I'm not a centralizing fan or a socialist – I just think there has to be a way to create a bunch of crappy service-industry jobs that is more cost-effective than this trickle-down – and I want to stop the debate from being "Wow – look how trickle-down saved the country" and turn it into "so, was this worth it? Was there possibly another way?"
Ed says:
You beat me to posting this by about 30 seconds.
Wendy says:
I heard on NPR that the Bush Admin is "creating" thousands of new "industry assembly" jobs by shifting fastfood jobs to this category, arguing that if assembling a car is an assembly job, why isn't assembling a taco?
Anyone know if there's any truth to this? It seems above and beyond the call of stupidity.
Ed says:
It is, in fact, true that the government is attempting to re-define certain jobs as "manufacturing" as long as they involve mixing two things together (like water and Coke syrup) to make something else, basically.
It's by no means something that Bush invented, just about every statistic released by the Federal government for the past 200 years has involved a significant amount of bullshitting.
mike says:
He hasn't done it – but it was floated out as an idea by one of his appointees, the Chairman of the Council of Economic Advisors, in the 2004 Economic Report of the President. The idea was immediate held up as a perfect example of Bush blurring numbers and reality to suit him. Rep. Dingell sent a letter to the president that asked, among other things: ""Will special sauce now be counted as a durable good?"
Here's the document in .pdf off a .gov site:
http://a257.g.akamaitech.net/7/257/2422/09feb20040900/www.gpoaccess.gov/usbudget/fy05/pdf/2004_erp.pdf
From page 78-79: "The definition of a manufactured product, however, is not straightforward. When a fast-food restaurant sells a hamburger, for example, is it providing a
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