Pres. Bush Lays Claim to Record Economic Growth
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21 October 2007:
President George W Bush said that with 49 consecutive months of astounding economic growth under his leadership that the United States has surpassed all prior White House administrations for adding jobs and increasing wages.
The president claims to have added some 8.1 million jobs since August 2003, although the White House does not as a matter of principal mention the number of jobs lost during the same period.
In September 2007 "our economy added 110,000 new jobs," the president said 20 October. "And that's good news for people here in our country. It's an indicator that this economy is a vibrant and strong economy," the president said.
"And I'm looking forward to working with the Congress to set priorities on how we spend the people's money, but I also am going to make it very clear to people in Congress that we're not going to raise their taxes on the working people," President Bush said.
But the general population does not agree with the president's assessment of the economy, nor does the International Monetary Fund.
The running average of "new" jobs created in the United States is about 95,000 and most of those jobs are service-sector, or jobs that pay less than the median household income of $48,000 per year. Meanwhile, "professional" job growth in India, China, and Eastern Europe (especially Poland) has outpaced the number of available candidates.
In a remarkable turn of events, the International Monetary Fund (IMF) downgraded its outlook for the United States in 2008 by lowering estimate growth by a full percentage point. The IMF now forecasts gross domestic product growth in the United States at 1.9 percent, while other industrialized nations experience growth close to 3 percent. The IMF concluded that exports from the United States would improve due the falling dollar, but there was little hope that the greenback would be able to fend off inflation as other currencies increase in value therefore making imports more expensive.
In contrast with what the president says, for the past six months now (as of October 2007,) voters in the United States report being dissatisfied with the direction the country. Seven in 10 disapprove of the current state of affairs, which is the worst stretch of dissatisfaction in the 13 years Gallup has conducted the poll. Voters contend lack of professional jobs, federal debt, and Iraq weigh heavily on their decision to diss the president.
For the past three months now 70 percent of consumers contend the economy is in its most dire straights since 1997 when Gallup began asking the question. The White House though does not agree and said polls of this sort are out of touch with what consumers really feel.
Nonetheless Republicans by in large remain supportive of President Bush giving him a 66 percent approval rating in October 2007. Democrats and Independents give him an 85 percent and 70 percent disapproval rating respectively for an average approval rating of 30 percent.
For the past 12 months now the president has not been able to boost his approval rating above 40 percent no matter which organization asks voters.
Those voters queried by Zogby and Reuters on 14 October gave President Bush a 75 percent disapproval rating, which was the highest for any president, including the late President Richard Nixon. But Republican-controlled FOX network offered higher ratings for President Bush in October with only a 56 percent disapproval rating and 35 percent approval rating.
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