Job growth last month dramatically beat analyst’s expectations when the US economy produced 337,000 non-farm jobs in October. Unemployment ticked up to 5.5%, a .1% increase, likely do to workers reentering the labor pool based on the stronger employment figures.
I think part of Bush’s win can be attributed to this strong job growth. You don’t need government figures to tell you that the market is improving – when you have a job, you have a job. Incumbants are usually judged based on the strength of the economy, and given that the economy has been steadily recovering, that was a help to Bush.
The President’s economic policies have helped to create millions of new jobs, and will continue to do so. With the Republican majorities in both halves of Congress, the President can continue to make the US economy perform strongly by passing things such as Social Security reform and tort reform. President Bush’s record as a fiscal conservative has always been shaky – now’s the time that he can reduce the burden of government across the board for the American taxpayer by cutting wasteful spending. Furthermore, the President should work with Senator Kerry on enacting the common-sense PAYGO budgeting rules that would help reign in fiscal irresponsibility as well as drafting a new version of the Gramm-Rudman-Hollings Act to help keep the federal budget at a manageable level. If the President wants to extend a spirit of bipartisanship, this one issue where Senator Kerry got it right would be an ideal place to start.