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Friday, May 06, 2005

Krugman - Still Gagging on his Cat

Over a quarter of a million jobs were added last month, and the previous month's estimates were revised upwards by over 90,000.

Unemployment remained at a low 5.2%.

I'm sure my pals on the lefty sites I stop by are dead silent on this.

Hat Tip: Ace.


  • Yea, the economy is FINALLY getting to be just mediocre! Maybe even slightly above average for a little while! Actually adding more jobs than population increase requires! WO HOO!

    Amazing what lowering one's standards can do for a person's perspective.

    My company is even beginning to hire people again. True, not in this country, but still... And now only one week of vacation time a year is forced, we can actually choose when we take the rest all by ourselves -- I haven't seen that in three years!

    Not un-happy times are here again,
    The clouds are only slightly drizzly, again
    Not un-happy days are here aaaa --- gaaain!


    Thanks for the not-bad news! :-)

    By Blogger Mark, at 5/09/2005 05:27:00 PM  

  • I just read what you linked to -- what a bunch of...

    When looking at job numbers you have to subtract 150,000 every month -- that is the number of jobs that must be created just to keep up with population growth. Remember that the next time you complain about poor coverage of 146,000 jobs created, like that revised estimate for March.

    In other words, "24 straight months of positive job creation in the U.S. economy" is a lie, or at least really bad statistics. Those 3 million jobs the article was crowing about wasn't enough to make up for the 3.6 million needed to keep up with population growth.

    I'm very glad the economy doesn't seem to be getting any worse and may even be slowly improving, but just barely. I see it in the statistics and in my own life.

    By Blogger Mark, at 5/10/2005 03:44:00 PM  

  • Mark,
    I have been following politics for some time, and the payroll numbers never showed up...until the unemployment rate did not reflect what helped the Democrats.

    Your argument is the same. The economy was supposed to be sooooo bad during Bush's presidency, but the gain of 3 million jobs over the past year is...not good enough, because of so many illegal immigrants coming in (or whatever reason teh population is increasing. It isn't out national birth rate, you know).

    I hope to be enlightened here. First, show me what would be good enough, show me when it happened before, show me what policy made it happen, and show me how long it was sustained...and why it failed to sustain.

    OK, you don't even have to do that (it's alot of work). Just explain to me why 5.6% was "low" for Clinton, but 5.2% for Bush is not. Or better yet, just show me what Clinton did to get the economy 'going so well'.


    By Blogger Hammertime, at 5/14/2005 12:48:00 AM  

  • I'm not silent. Those are good numbers, but they just barely kept pace with the number of workers (yeah the LEGAL ones) entering the job market in each of those months. Also, since unemployment remained exactly the same, the net effect was zero. (and yes I know how unemployment is a imperfect stat, but it IS the one the president decided to emphasise during the campaign insteadof job growth)

    The economy is starting to pick up in sectors but real wages are still stagnant or just under inflation. Interest rates are creeping back up so consumer spending is starting to flatline a bit. All of those things could turn around, or they could lead to stagflation.

    By Blogger Cranky Liberal, at 5/14/2005 06:59:00 AM  

  • CL,
    It's true, you weren't silent on this! I'm not saying March was great, but April was. What is disappointing is that, somehow, many Democrat-types want to make EVERYTHING into bad news.

    Tax rate cuts increased tax receipts. The details are here.

    I mean, with a 5.2% unemployment rate, how many more jobs can we reate than are necessary for new workers? My understanding is that the lowest reasonable unemployment rate is around 5.0...unless you have dot-coms freewheeling without any actual capital...

    By Blogger Hammertime, at 5/14/2005 11:20:00 PM  

  • Of course, unemployment is a weird stat to begin with, as it doesn't count those that aren't actually looking for work. Typically, those who have been looking for a while without success eventually give up. As things improve, they start looking again. It makes the number harder to move than most.

    What's really sad, though, is it's pretty easy to push an economy along if you don't care about deficits much, at least for a little while. The fact we are running up the deficit as quickly as we are while the economy continues to just do so-so isn't very encouraging.

    By Blogger Mark, at 5/16/2005 07:33:00 PM  

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