Bush Boom Continues: Job creation exploding, stock market soaring, and growth is accelerating
WASHINGTON, D.C. – The United States economy created a staggering 337,000 jobs in October, the Bureau of Labor Statistics (BLS) reported today, smashing Wall Street economists\’ consensus projections of for a gain 175,000. October\’s figures are the strongest in seven months and mark the 14th straight month of solid job creation. Employment gains for August and September were also revised up by 113,000. In all, the American economy has created 450,000 jobs in the past three months and 2.3 million jobs since President Bush\’s tax cuts in 2003.
"The effectiveness of President Bush\’s tax cuts has been affirmed twice this week; first at the ballot box and now in the job market," said ATR President Grover Norquist. "By giving Americans back more of their own hard earned money, President Bush has led us through terrorist attacks, recession, corporate scandal, and war and at the same time created 2.3 million new jobs."
The U.S. economy has created an average of 200,000 jobs each month for the past 14 months. In addition to the 2.3 million jobs generated since the 2003 tax cuts, the economy is on pace to create 2.4 million more jobs in 2004, nearly matching the prediction made earlier this year by the White House Council of Economic Advisors. The unemployment rate currently stands at a historically low 5.5 percent, less than average of the 1970\’s, 80\’s and 90\’s.
Other economic news demonstrates the economy is booming. In the two days since the election, $300 billion of new shareholder wealth has been created. At the same time, the economy is expanding at an average quarterly rate of 4.7 percent since the 2003 tax cut was enacted. This economic expansion is by far larger than the historical average of 3.5 percent.
"President Bush\’s tax cuts have a proven track record of job creation and should be made permanent." continued Norquist. "President Bush and Congress should pursue further tax reform so the growth and prosperity can expand at even greater rates."