Economy and Jobs Watch: The Lost Years -- by the Numbers
by Guest Blogger, 10/4/2004
Over the past 4 years there has been a dramatic shift in the nation's fiscal policy. Has the new strategy worked? The numbers indicate it has not.
Employment:
August 2004: 131,475,000
Decline of 913,000
Note: Data seasonally adjusted.
Source: Bureau of Labor Statistics.
Real Gross Domestic Product:
2004 Q2: 10,784 billion
Average annual increase 2.6%*
*Over the same period in his term, President Jimmy Carter had a better growth rate (2.9%).
Source: Bureau of Economic Analysis.
Stock Market -- Dow Jones Average:
Oct. 1, 2004: 10,193
Decline: 4.3%*
* The poor stock market performance over the past several years cannot be explained simply by pointing to the events on 9/11. The Dow Jones Average on Sept. 10, 2001 was 9,431. When the market reopened on the 17th, the Dow fell 675 points by the close of the day. Less than 2 months later, the Dow had already recovered all of its ground and more, and by the end of that year it reached 10,000.
Source: Yahoo! Finance
Deficit
Fiscal year 2004: - $422 billion -- Deficit
Decline of $658 billion
Source: OMB and Congressional Budget Office
Poverty Rate
Median Household Income (in inflation adjusted 2003 dollars)
