adios
02-18-2004, 06:39 PM
I've had some lively discussions on the stock market forum regarding interest rates in the future (my crystal ball is only good for a year in advance and it's frequently cracked /images/graemlins/smile.gif) and why I see them staying fairly low. Job growth in the economy has been anemic at best. I think for the next year at least it will continue to be sub-standard. Yeah I was sure economic growth would accelerate a year ago but I thought job growth would come along with it. The situation has improved but not enough on the job growth front. I guess it doesn't take a rocket scientist to see that it imperils a re-election of Bush if job growth remains substandard. Anyway the Bush administration backed off of a very optimistic claim regarding job growth in 2004. They see the data first and my take is that they know what's coming down the pike so to speak.
White House Backs Away From New-Jobs Projection
WASHINGTON -- The White House backed away Wednesday from its own prediction that the economy will add 2.6 million new jobs before the end of this year, saying the forecast was the work of "number-crunchers" and that President Bush was not "a statistician."
White House press secretary Scott McClellan, asked repeatedly about the forecast, declined to embrace the jobs prediction, which was contained in the annual economic report of the White House Council of Economic Advisers.
"This is economic modeling.... some have said it would be lower," Mr. McClellan said, of the payroll projection.
Mr. Bush, himself, stopped short of echoing the prediction. "I think the economy's growing, and I think it's going to get stronger."
The president said he was pleased that 366,000 new jobs have been added since August. "But I'm mindful there are still people looking for work, and we've got to continue building on the progress we've made so far."
The administration's refusal to back its own jobs estimate brought criticism from John Kerry, the front-runner for the Democratic presidential nomination.
"Now George Bush is saying he's going to create 2.6 million jobs this year alone -- and his advisers are saying, 'What, you didn't actually believe that, did you?' Apparently George Bush is the only person left in the country who actually believes the far-fetched promises he's peddling," Mr. Kerry said in a statement.
Unemployment and the slow pace of job creation are political liabilities for Mr. Bush as he heads into a battle for re-election. Despite strong economic growth, the nation has lost about 2.2 million jobs since he became president.
The jobs forecast was the second economic flap in recent days for the White House. Last week, Mr. Bush was forced to distance himself from White House economist N. Gregory Mankiw's assertion that the loss of U.S. jobs overseas has long-term benefits for the U.S. economy.
Asked about the 2.6 million jobs forecast, Mr. McClellan said, "The president is interested in actual jobs being created rather than economic modeling." He quoted Bush as saying, "I'm not a statistician. I'm not a predictor."
"We are interested in reality," Mr. McClellan said. He said the annual economic report was based on data from about three months ago. Since then, Mr. Bush has said that things are improving.
The issue arose at the White House after Treasury Secretary John W. Snow and Commerce Secretary Don Evans declined to endorse the jobs prediction and said it was based on economic assumptions that have an inherent margin of error. They spoke during a tour through Oregon and Washington to promote the president's economic agenda.
"The number-crunchers will do their job. The president's job is to make sure we're creating as robust an environment as possible for job-creation," Mr. McClellan said. "That's where his focus is."
"The president has said he is not a statistician. He is most concerned about whether people are hurting and able to find jobs," the press secretary said. "The economy is moving in the right direction .. but there is more to do."
White House Backs Away From New-Jobs Projection
WASHINGTON -- The White House backed away Wednesday from its own prediction that the economy will add 2.6 million new jobs before the end of this year, saying the forecast was the work of "number-crunchers" and that President Bush was not "a statistician."
White House press secretary Scott McClellan, asked repeatedly about the forecast, declined to embrace the jobs prediction, which was contained in the annual economic report of the White House Council of Economic Advisers.
"This is economic modeling.... some have said it would be lower," Mr. McClellan said, of the payroll projection.
Mr. Bush, himself, stopped short of echoing the prediction. "I think the economy's growing, and I think it's going to get stronger."
The president said he was pleased that 366,000 new jobs have been added since August. "But I'm mindful there are still people looking for work, and we've got to continue building on the progress we've made so far."
The administration's refusal to back its own jobs estimate brought criticism from John Kerry, the front-runner for the Democratic presidential nomination.
"Now George Bush is saying he's going to create 2.6 million jobs this year alone -- and his advisers are saying, 'What, you didn't actually believe that, did you?' Apparently George Bush is the only person left in the country who actually believes the far-fetched promises he's peddling," Mr. Kerry said in a statement.
Unemployment and the slow pace of job creation are political liabilities for Mr. Bush as he heads into a battle for re-election. Despite strong economic growth, the nation has lost about 2.2 million jobs since he became president.
The jobs forecast was the second economic flap in recent days for the White House. Last week, Mr. Bush was forced to distance himself from White House economist N. Gregory Mankiw's assertion that the loss of U.S. jobs overseas has long-term benefits for the U.S. economy.
Asked about the 2.6 million jobs forecast, Mr. McClellan said, "The president is interested in actual jobs being created rather than economic modeling." He quoted Bush as saying, "I'm not a statistician. I'm not a predictor."
"We are interested in reality," Mr. McClellan said. He said the annual economic report was based on data from about three months ago. Since then, Mr. Bush has said that things are improving.
The issue arose at the White House after Treasury Secretary John W. Snow and Commerce Secretary Don Evans declined to endorse the jobs prediction and said it was based on economic assumptions that have an inherent margin of error. They spoke during a tour through Oregon and Washington to promote the president's economic agenda.
"The number-crunchers will do their job. The president's job is to make sure we're creating as robust an environment as possible for job-creation," Mr. McClellan said. "That's where his focus is."
"The president has said he is not a statistician. He is most concerned about whether people are hurting and able to find jobs," the press secretary said. "The economy is moving in the right direction .. but there is more to do."