Quote:
Originally posted by fintstone
Mankiw's Magic
Larry Kudlow
January 9, 2005
Friday’s job report shows that White House economist Greg Mankiw was very nearly right when he projected almost a year ago that jobs could rise by 2.6 million in 2004. Of course, he was widely ridiculed inside Washington after making this statement, and at one point even the White House turned its back on the Harvard professor’s estimate.
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by last summer it was widly accepted that the tax infusion would be eaten by oil increases by August. Post August was a spending unknown, only an educated guess by most talking heads. As spending goes so does employment, generally.
Total employment #'s at the very start of Bush was not expected to be = again till this coming summer. I don't know what current expectations are? That is significant info on the condition of economic health imo.
White collar/ skilled employment contribute a significantly greater total tax contribution than blue collar employment. When the total employment's become = again the total tax collected comparisons will provide hard info on the "level" of quality jobs imo.
I think a significant part of the shock and awe of what's happening today, among many talking heads, is the cowboy issue of large trade deficits being good or bad for the economy. Bush's position is obviously that deficits are good if managed properly. People must have $ to spend to create deficits. People must have jobs in order to spend. Examine those Developed countries that have balanced or surplus trade #'s. Pay attention to their employment growth.
enjoy.