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Where Are The Tax-Cut Jobs? |
| Click image below to enlarge. |
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| Source: BLS data and spreadsheet. |
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"Jobs and Growth Tax Relief Reconciliation Act"
(nice name but it didn't work)
The graph above, shows how the President's Council of Economic Advisor's plotted payroll jobs with and without the 2003 tax cut. CEA memo, Feb. 2003. In the previous recession, there were no such tax cuts to create jobs, and the recovery was quicker.
At the time they issued this memo, their prediction was already high by 1.27 million jobs, the economy was heading down not up, and would not reach their predicted starting level for another two years. But, this particular departure from reality was not their point. Their point was to predict that the tax cut the Administration was pushing would add 1.4 million new jobs by the 2004 election. As can be seen, the economy did not cooperate with this particular revelation of faith-based economics.
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http://zfacts.com/p/563.html | 01/18/12 07:27 GMT
Modified: Mon, 17 Apr 2006 18:32:57 GMT
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