May marks the ninth month in a row of positive job growth; analysts call numbers the result of pro-growth tax relief policies.
WASHINGTON – Employers added an unusually large number of jobs to their payrolls in May, totaling 248,000, according to a report released today by the U.S. Department of Labor. The surging employment numbers, many analysts say, are the result of pro-growth tax policies promoted by the Bush Administration and in Congress.
Since the 2003 tax cut was enacted in June of 2003, 1.4 million jobs have been created for U.S. employees. In May alone 248,000 jobs were added and followed upwardly revised totals in March and April. Manufacturing jobs have also risen for the fourth consecutive month. These increases are a reflection of a growing U.S. economy which is at its fastest pace in twenty years.
"The tax cuts of 2001, 2002 and 2003 have benefited all sectors of the U.S. economy," said taxpayer advocate Grover Norquist , who heads Americans for Tax Reform in Washington , DC . "Not only has President\’s Bush\’s plan put money back in the pockets of those who earn it, but it also increased jobs, economic activity, productivity, and raised the standard of living of all Americans."
The increase in jobs is not the only effect seen as a result of the tax cut proposed and carried out by President Bush. Over $2.2 trillion in new shareholder wealth has been created. The unemployment rate is at 5.6%, far below the averages in the 1970s, 1980s, and 1990s.
The consistent and consecutive positive job growth numbers are an indication that the economy is firing on all cylinders. In May, every major division of the private sector added jobs, from manufacturing to services to agriculture. Consumer confidence is on the rise as is new housing construction and the national home ownership rate.
"This economy has seen external shocks that make electro-therapy patients wince," continued Norquist, "starting with a recession that began back to 2000, two wars, the worst terror attack in world history and financial scandals that shook the markets to their cores. The American economy\’s only positive shots in the arm were three tax cuts in three years and – Eureka ! – jobs are growing faster than the cicada population."