The White House issued a fact sheet today on President Bush’s economic record. The headline blares “5.4 Million Jobs Created Since August 2003.” The sheet suggests recent job growth proves President Bush’s economic strategy is a smashing success.
Let’s set aside for a moment that the “fact sheet” conveniently ignores the 22 months of jobs losses that proceeded August 2003. Instead, let’s put Bush’s job record since August 2003 in perspective:
1. Monthly job growth since August 2003 is 50% lower than the average of President Clinton’s entire term. Since August 2003, job growth has averaged 160,000 per month. During Clinton’s eight years in office job growth averaged 236,000 per month.
2. Real wages have fallen since August 2003. The average worker’s real wages were twenty cents lower in June 2006 than they were in August 2003.
Any way you slice it, Bush’s economic policy has resulted in slower job growth and lower wages. That’s nothing to brag about.