The Bush Administration's Snow Job on the Economy

by Campaign for America's Future
Despite the Cheerleading, the Bush Tax Breaks for Millionaires are a Proven Failure

The Bush economic cheerleading squad is in motion - claiming that their tax breaks created jobs last month and the remarkable 7.2% economic growth reported last quarter.

To sell their budget-busting tax breaks for millionaires, George Bush promised 5.5 million new jobs. Then last month, Treasury Secretary John Snow "boldly" promised that they would generate 2 million new jobs before the next election (less than the Bush administration said the economy would create with no tax breaks at all). An archetypal snow job. But look behind the pom poms to find the real results of Bush economic policies: pink slips and broken promises.

A reality check, by the numbers:  (Click here for PDF with citations)

(October) Average monthly new jobs projected by Bush admin……………… 200,000
(February) Average monthly new jobs economy would generate without…………228,333
     tax cuts as estimated by Bush admin.       
(February) Average monthly new jobs promised from tax breaks………………… 306,000

Number of new jobs Bush promised, June through October……..……………… 1,224,000
Number of new jobs Bush actually produced, June through October….……… 229,000
Shortfall below projection……………………………………………………………………… 995,000

Number of jobs lost to date since Bush took office………………………………………… 2.43 million jobs lost
(October) Bush admin. projection of new jobs created by end of 2004………………. 2.0 million
(October) Bush admin. projection of net new jobs created by end of 2004………… 430,000 jobs lost
Last president to lose jobs during entire first term…………………………………………… Herbert Hoover (1929-1933)

Job creation, Bill Clinton, 8 years……………………………………………………… 22.4 million new jobs
Bush admin. own estimate of jobs creation after 4 years…………………………………. 430,000 jobs lost
  
US Manufacturing jobs lost 1979 – 2000, 21 years……………………………..…………… 2.4 million
US Manufacturing jobs lost since Bush took office, 2 years, 10 months……………… 2.56 million

Budget surplus 2001, when Bush took office…………………………………………………… + $127 Billion
Bush estimate of Budget deficit FY 2003…………………………………………………………. - $401 billion

Average annual tax cut Bush promised to Americans……………………………………….. $1000
Average tax cut actually received by 65 million Americans…………………………………$19
Average tax cut actually received by top 1%…………………………………………………… $28,414

Dollars short of Bush promise in his Leave No Child Behind act………………. $9.4 billion short
Amount federal spending on public schools, two years……………………$59 billion
Amount federal spending for Iraq, Afghanistan two years………………………$166 billion

Decrease, medium household income, last two years……………………………$1,439
Annual minimum wage earnings for full time worker…………………………………… $10,712

Vice President Dick Cheney annual salary from government……………………………… $192,600
2001 Halliburton payments to Vice President Cheney (yearly)…………………………… $205,298
Value of no bid contracts awarded to Halliburton in Iraq………………………………….. $948 million