So, how many Chicken Littles have you seen here on DKos, today, running for cover because "the economy is growing", with 248k jobs created in May?
Let's play with some numbers, shall we?
According to the US Treasury, the national debt grew over $62B in May. That's BILLION. The "deficit" is a bullshit number, watch the debt.
Spread over 248,000 jobs, that's $250,000 of federal debt per job created. Anyone got an average wage statistic on those jobs?
As a point of comparison, in fiscal year 2000, the debt grew only $18B. I don't have the labor statistics for then, so let's really lowball and say three million jobs were created (it was certainly higher than that). That's $6000 of debt per job. And for an unconfirmed number, i believe the lowest month of job creation during the Clinton presidency was 260,000 new jobs. So Bush is finally getting within spitting distance of the worst Clinton ever did!
These trends have been solid or worse since the Bush tax cuts took effect. Remember, according to voodoo econo... er, supply side theory, tax cuts are supposed to stimulate growth! Therefore, there are two possible conclusions here: first, that the economy would be much much worse without the Bush tax cuts, or second, that a balanced budget is far more effective than tax cuts for promoting growth.
But hey, big money is growing faster than jobs, right? Modernization and outsourcing is good and all that. In January 2001, when Bush took office, the S&P 500 adjusted average was 1366.01. In May 2004, it was 1120.68, a drop of 18%. The Dow was at 10887.36 when Bush took office; now it's 10188.45, a 700 point drop. So the stockbrokers are getting screwed along with the rest of us.
So how, exactly, is the economy "booming"? Only in the spin of the GOP and the Chicken Little cowardice and stupidity of the Democrats.