Jobs Jobs Jobs
James Galbraith at Salon does some of the heavy lifting over March's job report.
I first heard about the Clinton job creation data of creating in excess of 300,000 jobs per month for 24 months while listening to Al Franken on Air America Radio last week. The Bush Administration can claim but 1 month of job growth in excess of 300,000.
Galbraith does add some color that I wasn't entirely aware of.
I still had two burning questions.
What do the 308,000 jobs consist of? Are wages growing enough to offset higher energy prices and taxation at the state and local levels?
This Bureau of Labor Statistics table shows pretty stagnant wage growth.
Bush's tax cut wasn't really a tax cut at all - except for the very well-to-do. It was a shifting of taxation from the federal level to the state and local level.
Essentially, while one month's numbers look good at a cursory glance, a little further scrutiny shows that real wage growth - purchasing power if you like - has contracted. This is a very troubling phenomenon, and one that doesn't lend itself to easy solutions.
I first heard about the Clinton job creation data of creating in excess of 300,000 jobs per month for 24 months while listening to Al Franken on Air America Radio last week. The Bush Administration can claim but 1 month of job growth in excess of 300,000.
Galbraith does add some color that I wasn't entirely aware of.
I still had two burning questions.
What do the 308,000 jobs consist of? Are wages growing enough to offset higher energy prices and taxation at the state and local levels?
This Bureau of Labor Statistics table shows pretty stagnant wage growth.
Bush's tax cut wasn't really a tax cut at all - except for the very well-to-do. It was a shifting of taxation from the federal level to the state and local level.
Essentially, while one month's numbers look good at a cursory glance, a little further scrutiny shows that real wage growth - purchasing power if you like - has contracted. This is a very troubling phenomenon, and one that doesn't lend itself to easy solutions.
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