The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Flashback January 2008: December 2007 Marks Record 52nd Consecutive Month Of Job Growth.

Posted by iusbvision on December 28, 2010

Allbusiness January 4th 2008:

More Than 8.3 Million Jobs Created Since August 2003 In Longest Continuous Run Of Job Growth On Record

WASHINGTON — Today, the Bureau of Labor Statistics released new jobs figures – 18,000 jobs created in December. Since August 2003, more than 8.3 million jobs have been created, with more than 1.3 million jobs created throughout 2007. Our economy has now added jobs for 52 straight months – the longest period of uninterrupted job growth on record. The unemployment rate remains low at 5 percent. The U.S. economy benefits from a solid foundation, but we cannot take economic growth for granted and economic indicators have become increasingly mixed. President Bush will continue working with Congress to address the challenges our economy faces and help facilitate long-term economic growth, job growth, and better standards of living for all Americans.

The U.S. Economy Benefits From A Solid Foundation

* Real GDP grew at a strong 4.9 percent annual rate in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.

* Real after-tax per capita personal income has risen by 11.7 percent – an average of more than $3,550 per person – since President Bush took office.

* Over the course of this Administration, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.

* The Federal budget deficit is down to 1.2 percent of GDP (in FY07), well below the 40-year average. Economic growth contributed to the highest tax revenues on record and a $250 billion drop in the deficit over the last three years.

* U.S. exports in October 2007 were 13.7 percent higher than exports in October 2006.

* The Administration will continue working to prevent tax increases on families and small businesses. The President’s tax relief cut taxes for everyone who pays income taxes and must be made permanent to prevent hard-working Americans from facing a massive tax hike.

* The President urges Congress to complete work on legislation to help American families keep their homes. Congress took one positive step by voting to pass the Mortgage Forgiveness Debt Relief Act. Now they should complete work on the President’s FHA modernization bill and pass a reform bill that strengthens the regulation of government sponsored enterprises, such as Fannie Mae and Freddie Mac. [IUSB Vision Editor’s Note – The Democrats used the filibuster threat in the Senate to stop mortgage reform, and Fannie Mae and Freddie Mac reform, once again; reform that President Bush and Republicans in Congress were trying to get passed since 2001. The Democrats insisted that there was no problem while taking almost $200 million from Fannie/Freddie in campaign funds, donations to their party, 527’s, think tanks, and other partisan groups. We now live with the result.]

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