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turning the corner
It's past 11:00 a.m. here on the Left Coast, and we're still waiting for an update from club about the new job data. At least he's busy.
eta
DeLong:
- It is worth noting that the administration's forecast, made last winter, was that by this time payroll employment would be at 132.8 million--not the 131.3 million that it is actually at. Somebody should ask Bush todaywhat has gone so unexpectedly wrong to put employment 1.5 million lower than expectations in just half a year.
And somebody else should ask Bush today why he adopted a "jobs and growth" program of shifting taxes from the present into the future that got us only about half the bang per buck of deficit that we would have received from a normal Keynesian fiscal stimulus program. He didn't make the lousy labor market. But he and his team sure did pass up a lot of chances to buy insurance against the bizarrely weak job market we now find ourselves in.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
Last edited by Tyrone Slothrop; 08-06-2004 at 03:27 PM..
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