Remember the furor that erupted earlier this year when it came to light that President Bush?s Council of Economic Advisors had predicated its economic forecast on a projected 2.6 million increases in jobs during 2004? ?Rosy scenario!? screamed the Washington establishment. ?Cooking the books!? screamed the press corps. By February, Bush was reportedly backing off the 2.6 million figure.
Only, now it?s May, we have the jobs reports for the first four months of 2004, and the data show an increase of 867,000 jobs nationwide. At that rate, the U.S. economy will produce ? get ready for this ? 2.6 million jobs by the end of the year. I?d like to know who came up with this projection, so I can track which Wall Street firm he or she eventually joins and bet some money with them.
Actually, the job-expansion rate might be higher or lower than that through 2004, but at the very least the Bush administration deserves an apology from all those who maligned them. Fat chance. Also, don?t buy the spin that these jobs are of the low-wage, hamburger-flipping variety. In April, reports The Wall Street Journal, manufacturing and service-sector jobs were roughly comparable in hourly pay.
