The New York Times reports that the economy continues to grow under the Bush administration. Unemployment has fallen to 4.4%, a five-year low, and the nation added 180,000 jobs last month. Wages also rose faster than inflation in March, indicating real strength and gains for workers:
It just keeps going.
The job market showed little sign of losing its vigor last month as wages climbed and job growth rose, the Labor Department reported yesterday.
Economists said the numbers were consistent with an economy that was being supported by strong consumer spending, with considerable hiring in businesses like restaurants, bars, department stores and educational services.
In all, the Labor Department said that employment outside the farming sector grew by 180,000 in March. And in another sign of the job market’s resilience, employment growth in January and February was stronger than the government first reported.
The national unemployment rate also edged down last month to 4.4 percent, from 4.5 percent, matching a five-year low that it reached briefly in October.
According to the article, "the tireless American consumer" has kept the economy moving, and with wages rising, consumers can spend more money, thus expanding the economy. The Bush tax cuts continue to do their job by keeping capital in the market and wages in the pockets of earners. The average wage rose to $17.22 per hour, and overall compensation last year rose 3.2%, out-pacing the rate of inflation. This is what Kennedy, Reagan, and Bush have taught us: low taxes help fuel economic expansion.
UPDATE: And right on cue, the media tries to find something new to worry about.
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