The economy is on fire. Over 200,000 new jobs were added in March causing the unemployment rate to drop to 4.7%. President Bush commented on the good numbers today.
President George W. Bush hailed what he called an "economic resurgence" after new figures showed the US economy created 211,000 more jobs in March.
Bush also called on Congress to enact controversial tax cuts passed early in his administration on a permanent basis, while also restraining spending.
"These millions of new jobs are evidence of an economic resurgence that is strong, broad and benefiting all Americans," he said in televised comments from the White House.
In a rare appearance to comment on economic data, Bush said Friday's "non-farm payrolls" report showed the US economy had now added jobs for 31 months in a row.
The unemployment rate fell to 4.7 percent in March, he noted.
"It's below the average rate of the 1960s, 1970s, 1980s, and 1990s," he said, adding that the US economy grew last year at a faster rate than any other any major industrialized economy.
"These gains are the result of the energy and the effort of American workers, small business owners and entrepreneurs. They are also the result of pro-growth economic policies," he said, recapping the tax cuts.
"Tax relief has done exactly what it was designed to do. It's created jobs and growth for the American people. Yet some are now proposing that we raise taxes, either by repealing the tax cuts or letting them expire," Bush said.
"These are the same politicians who told us that letting America's families keep more of their money would be irresponsible, wreckless and shameful. They were wrong then and they are wrong now."
In spite of the economic numbers before her, Nancy Pelosi continues her "economy is in the tank" diatribe:
"President Bush should ask American families, millions of whom are struggling to make ends meet and going deeper in debt, if they believe that there is 'an economic resurgence that is strong, broad and benefiting all Americans," said House Minority Leader Nancy Pelosi on Friday...
"With tax cuts for the wealthiest few causing red ink as far as the eye can see, incomes falling, and our jobs moving overseas, the economic record of President Bush is dismal for middle-class families," Pelosi said. "The Bush economy is going in the wrong direction: gas prices are sky-high and health costs are an overwhelming burden for too many Americans."
Although Pelosi claims jobs are going overseas, there appear to be quite a few people gainfully employed in the United States. Friday's statistics released by the U.S. Department of Labor show, according to The Associated Press, "employers added 211,000 jobs in a springtime hiring burst that benefited almost all sectors of the economy and lowered the national unemployment rate to 4.7 percent
A good economy is bad news for the Dems, so they can not allow themselves to even acknowledge what the facts so obviously prove. However, if a Democrat were presiding over such a strong economy, both the Dems and the media would be shouting the good news from every proverbial roof top.
Dr. Sanity writes about a dinner party conversation about the economy:
At a dinner party the other night, I thought I had accidently stumbled through the looking glass into wonderland when one of the other guests began to grumble about the "horrible" economy. As is reflexive with Ann Arborites, they then all bemoaned the insensitive Bush administration which had destroyed the lives of millions of Americans because of Republican economic policies--which we all know cause poverty and despair.
Jayson from Polipundit notes these, and other, interesting numbers:
BTW, the breakdown of last month's net payroll gains:
187,000 - private sector.
24,000 - public sector.
Yeah, nearly an 8:1 ratio in favor of the private sector.
Update: Newsbusters posted on how the evening news treated today's economic report. Brian Williams at NBC said the economy is simply too complicated to accept the good economic numbers at face value. Elizabeth Vargas of ABC News acknowledged the 31 months of growth but spent only 25 seconds on the entire story. However, CBS didn't mention one word about the great jobs report. Instead, anchor Bob Scheiffer spent time on the Bush/Libby "leak" story. No surprises here.
Update II: John at Power Line asks a great question:
One thing puzzles me: how can consumer confidence be soaring, while at the same time 59% said in a recent poll that they disapprove of President Bush's "handling of the economy?"
Answer: see the first update.