September 05, 2003
Just in: 93,000 jobs lost in August
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Bush Administration’s tax cuts falling short in job creation
The Bush Administration called the tax cut package, which took effect in July 2003, its “Jobs and Growth Plan.” The president’s economics staff, the Council of Economic Advisers (see background documents), projected that the plan would raise the level of growth enough to create 5.5 million jobs by the end of 2004—344,000 new jobs each month, starting in July 2003. Last month, August 2003, the jobs and growth plan fell 437,000 jobs short of the administration’s projection.
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