Re: A Funny thing happened on the way to losing jobs in the US
According to your source, the hourly wage for college grads has dropped from $23.04 to $22.41. Oh…boo hoo. Because of the Bush tax cuts, at a $46,000 annual income, that drop is more than offset by a lessened income tax obligation. While it may be premature to raise the Mission Accomplished banner, the sky is defitnitely not falling Chicken Little.
Clinton is to be given some measure of credit because we had a great economic surge that occured during his watch. The guy sitting in the chair gets the credit for the good and the blame for the bad regardless of whether he was really responsible for either.
But don’t forget that much of that surge was fueled by massive speculation in the stock market that came home to roost when he left office. An awful lot of wealth was created on paper that disappeared almost overnight. Further, Clinton inherited an expanding economy that saw the unemployment rate dropping from 7.6% to 7.0% in the 6 months prior to him taking office. Bush inherited Clinton’s recession and an unemployment rate that went from 3.9% to 4.2% in the 6 months before he took office.