Janet's Conner

This Blog tell the Truth and will never not tell the Truth. Impeach Bush

Sunday, June 04, 2006

A HECKUVA JOBS REPORT




Today brought more evidence of President Bush's failed economic record. The Labor Department announced that only 75,000 jobs were created in May, about 100,000 fewer jobs than what economists were forecasting would be added last month. In addition, job gains for March and April were actually weaker than first reported by the govewrnment. Wage growth also slowed in May. [Bureau of Labor Statistics, 6/2/06; Associtaed Press, 6/2/06] The overall trend is not postive, as economists generaly believe the economy needs to create 150,000 jobs each month just to keep up with population growth. [BBC, 6/2/06]

***No wonder why the Republicans are going to start up their wedge issues on Monday. They were supposed to be running on a strong economy. I quess that blew up in their faces. Bush is going to talk about gay marriage on Monday. It was designed to galvanize one of Bush's most important constituencies, social conservatives. I hope this blows up in his face too! It is too little, too late. They're crazy if they but it. They oughta get ticked off about it. Bush thinks that he's got them wrapped around his little finger. I hope they complain about being used!

The recent report magnified the growing inequalities in America. While America lost 10,000 manufacturing jobs in May and many Americans are dealing with ever-rising gas prices and increasing health care costs, wealthier Americans are spending more.

"Despite the President's latest PR campaign, the Bush Economy is failing hard-working Americans and undermining our country's economic security," said Democratic National Committee Press Secretary Stacie Paxton. "America's working families don't benefit when incomes fall five years in a row, health care costs skyrocket, and gas prices hit record levels. Democrats remain committed to raising the minimum wage and adopting job policies, tax cuts that help the middle class and not special interests, and an energy policy that makes America energy independent. Together America can do better."

A "Haves and Haves Not" Jobs Market "Unemployment fell to 4.6% largely because more adults chose to not participate in the job market. It is clearly a 'have' and 'haves not' labor market, and these conditions go a long way toward explaining why President Bush cannot convince Americans the economy is on solid ground, even as it demonstrates robust GDP and productivity growth," according to Peter Morici, a professor at the University of Maryland. [Wall Street Journal, 6/2/06]

Auto and Retail Sales Offer Evidence of Growing Economic Divide in America; Bush Economy Pinching Spending of Lower-Income Americans. "May sales for big auto makers and retailers offered fresh evidence that rising energy prices are pinching the spending of lower-income Americans, even as wealthier consumers continue to spend strongly on luxury goods ranging from clothing to sports cars and SUVs. The stark figures raised the propsect that the increased cost of gasoline and heating oil could be aggravating the existing economic divide become lower-income workers and the best-paid, who already are seeing their wages rise at a faster rate. ....Results from Detroit's Big Three auto makers, as well as foreign car makers including Toyota Motor Corp., for instance, showed that last month was good for luxury brands and foreign companies catering to affluent customers. ...By contrast, U.S. auto makers, who draw more lower-income buyers, continued to see a drop in sales, especially of sport-utility vehicles, and all three blames the recent rise of gasoline prices to the range of $3 a gallon. ...The retail industry has seen a similar pattern this week. Despite concerns about slowing demand, retail sales were solid at upscale stores in May... But discounters have been warning that they see high prices crimping sales." [Wall Street Journal 6/2/06]


June 2, 2006



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