http://www.startribune.com/stories/1519/4915437.htmlAs a general rule of political economy, the prudent citizen draws a bright line between developments in the marketplace and events in Washington, D.C. The vast American economy can respond to forces quite beyond the control of politicians, and the behavior of politicians can respond to -- well, who knows?
But the dismal employment report released Friday by the Labor Department makes it impossible to sustain that distinction -- not with an election just three months away. The disappointing numbers should be deeply chastening for the campaign of President Bush and deeply troubling for voters who have suffered the most incompetent economic stewardship in memory.
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To put those numbers in context: The nation is now almost three years into an economic expansion, and yet it still has fewer jobs than it had when the recovery began in late 2001 -- something that has never happened in postwar history. Job creation in this expansion has averaged about 12,000 jobs per month, as against roughly 250,000 in every previous recovery. The unemployment rate remains stuck at 5.5 percent -- almost exactly where it stood when the recession ended three years ago.
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But voters expect their leaders to respond to such shocks, and at every turn this administration has responded badly. Instead of sending rapid rebates to middle- class consumers who would spend the money quickly -- as many economists advised -- Bush insisted on a long-term tax package designed mainly to cut taxes for the rich. Instead of rushing fiscal aid to cash-strapped states -- as many members of Congress urged -- the White House pushed tax policies that have aggravated state budget cuts.
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