Just to keep…

Just to keep…Just to keep the record straight …

“I am confident that this economic recovery will now be sustained and will produce loads of new jobs. Everything we know about economics indicates that the sort of economic growth expected for next year, 3.8 to 4 per cent, will translate into two million new jobs from the third quarter of this year to the third quarter of next year. That’s an average of about 200,000 new jobs a month … What gives me confidence? Everything we know about economics and history. Consumption and housing remain strong. Now capital spending is clearly coming back and inventories are at astonishingly low levels. Jobs are always a lagging indicator which follows economic growth. I would stake my reputation on employment growth happening before Christmas. I’d bet dollars to doughnuts that we are going to see a pick-up in employment in 2004.”

Treasury Secretary John Snow
interviewed in July 2003
quoted in the London Times
October 20th, 2003

“U.S. employers added a paltry 21,000 workers to their payrolls last month, according to a surprisingly weak government report that appears certain to weigh on President George W. Bush as he seeks re-election …

The report also showed job creation in December and January was weaker than previously thought, adding to the gloomy tone of the report. The department revised lower its count of jobs gains in January to 97,000 from 112,000 and for December to just 8,000 from 16,000.”

U.S. Jobs Growth Surprisingly Weak
March 5th, 2004

“This Administration is not satisfied with today’s job creation numbers. Although our economy added jobs for the sixth straight month and the unemployment rate remains at a level below the average of the past three decades, the recent pace of job growth is not as strong as we'd like to see. This is particularly true given the recent rapid rate of economic growth.

The critical issue as we move forward is what must be done to encourage job creation through continued economic growth. One thing we know for certain – raising taxes on millions of American families is not the answer. It is imperative that Congress act to make the tax cuts permanent.”

Treasury Secretary John Snow
Treasury Dept. Press Release
March 5th 2004

Special thanks to TPM reader JS.  [Talking Points Memo: by Joshua Micah Marshall]

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