DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> PELICANPOST.BLOGSPOT.COM: National Deficit and unemployment both down, average wages up... thanks to Bush's tax cuts and economic policies...!

Saturday, October 07, 2006

National Deficit and unemployment both down, average wages up... thanks to Bush's tax cuts and economic policies...!

Great news on the economic front! Revenues spurred by the Bush tax cuts have brought the deficit down to $250B---which is far less than was even projected by the Bush Administration. The unemployment rate fell from 4.7 to 4.6---the lowest point in 5 years. And average wages were up 4%.

Job numbers for September are estimated to be 51K, and that amount that could well be adjusted upward, as the August numbers were. August numbers were readjusted upward to 188K---and the readjusted numbers for March 2005 to March 2006 are 810K. These are numbers no one can legitimately criticize.

What is not mentioned in the two (linked to below) good news articles on the state of the labor market and economy is the fact that there were 17,000 fewer unemployment claims filed in September, 2006.

Further, the federal budget deficit estimate for the just ended fiscal year dropped to $250B, which is 10B below the Congressional Budget Office's estimate and 46B below Bush's most recent estimate. Bush's February budget predicted a $423B deficit, but higher than anticipated tax revenues spurred by the tax cuts have pared the deficit down to $250B.

This enormous one-year deficit reduction was accomplished in spite of the Afghanistan and Iraq Wars, which are the major fronts in the War Against Terrorism, the devastating costs of Hurricane Katrina, and the enormous costs for additional homeland security readiness and maintenance.

President Bush and the Republicans in Congress, who wisely passed the tax cuts and have been fighting to make and keep them permanent, now have bragging rights to this overwhelmingly positive economic success in the run-up to the 2006 election. They now need to claim the credit for it that they have earned and tout their success all over the country.

Not surprisingly, Democrats are either silent or slamming the 51K new jobs created in September. Not to worry, though. There's no way they can wipe the shine off a $173B deficit reduction in one year's time. It's just not a happenin' thang...!

Read all about it here and here.

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