Did you know that just over the past 11 quarters, dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland and Belgium.
What about the deficit, I hear you cry?
Since the 2003 tax cuts, tax-revenue collections from the expanding economy have been surging at double-digit rates, while the deficit is constantly being revised downward
Well, then, what about the "soft" employment numbers?
the marquis employment report for June may have showed "only" 121,000 new non-farm payroll jobs, below Wall Street expectations. But this leads to another factoid that the mainstream media largely ignores: The household survey of job creation has been booming at a much faster clip than headline corporate payrolls.
Big corporations are reluctant to hire because pensions and health care are expensive, but small businesses are booming --and hiring. A fact we know because wages are up. (And doesn't this give the lie to fears about the Walmartization of the country?)
The U.S. Bureau of Labor Statistics is recognizing the importance of the small-business-driven household survey, and has suggested averaging household jobs with the corporate payroll survey to get a clearer jobs picture. Doing this yields a strong 186,000 new jobs per month over the past year, which is the key reason why the unemployment rate stands at a historically low 4.6 percent rate
And it's all Bush's fault.
