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Saturday, September 13, 2003  

Good Economy. Bad Job Market. Huh? | NY Times

"IT was like waiting for Godot. We waited for years for productivity to accelerate, and now, unlike Godot, who never showed up, that day has finally arrived. Productivity is soaring, holding out the promise of rising prosperity. Unfortunately, now we're waiting for the prosperity to kick in. A second term for President Bush could ride on whether it does, and how soon.

The United States economy has not experienced anything like this since World War II. Normally, a spike in productivity is accompanied by an even greater spike in demand. Simply put, productivity rises when workers produce more and sell more each year, and do so without putting in extra hours. The production part is working just fine. The demand, however, is lacking."

Really? Say it ain't so.... because if it's a demand problem and not a supply problem, man we just blew $200 billion this year (and more in the years to come) on supply side tax cuts that aren't going to do a damn thing to promote job growth. Oh wait, we already knew that back in May of 2001 when the first tax cuts were passed.

posted by RJ | Link | 10:25 AM
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