Bush Administration - Job Creation the Bush Term Paper

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Bush Administration - Job Creation

The Bush Administration is doing a great job of hyping a recent report published by BBC News and other media showing that the economy had added an extra 308,000 jobs in March, 2004, almost three times more than had been forecasted. However, a closer examination of the underlying numbers shows several reasons for skepticism in this supposedly rosy economic data. The old adage, "All that glitters is not gold," appears to more accurately describe the job creation figures.

In the positive BBC report, there are several signs that lead one to believe that the job additions are a woefully inadequate measure of the complete job situation. According to BBC, the U.S. professional and business services sector added 42,000 jobs, education and health 39,000, leisure and hospitality 28,000, and government 31,000.

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The services and leisure and hospitality sector or noted for lower wages vs. other sectors such as high technology and manufacturing. The report does not reveal the increase or decrease in hourly wages over prior periods. And, the growth in government jobs reflects government fiscal policy rather than an upswing in private sector business conditions and hiring practices.

More disturbingly, the report admits that U.S. unemployment actually increased to 5.7% from 5.6% in February. The report makes the assertion that this "often happens initially as better economic news adds to the potential labour force, increasing the number of people now actively seeking work." But, one must consider that official government unemployment rates fail to include the decline in labor force participation….....

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