Mark Haines on Squawk On the Street July 15, 2010 provides a slanted view on our economy with jobs and taxes. Later that day Larry Kudlow on The Call refutes comments made by Mark Haines.
Mark said, that 22 Million jobs were created during 8 years while Clinton was in office and Bush only created 1 million. How can 22 million jobs be created, if the Civilian Work force only added 14,478,000 and change in the unemployed dropped by 3,921,000 during the Clinton years? Bush added 11,704,000 to the Civilian Work Force and added 3,232,000 to unemployment rolls. Bush had at the end of his term the worst economic turn down since the great depression and he still had job creation. His fiscal policies did not cause the economic turn down. Mark's slant on job creation between Clinton and Bush is inaccurate.
Mark said Bill Clinton raised taxes . This is true in 1993, but in 1997 he cut taxes and unemployment continued to drop,but GDP growth increased.The GDP increased and the change between 1993 to end of 1996 was 1.20 Trillion; between 1997 to the end of 2000 was 1.62 Trillion. During the Bush years unemployment did not drop till after the second tax cut. This is because that tax cut helped business, just like the Clinton tax cut of 1997. The Clinton Tax increase did not have a high on impact on business, only the individual. Remember it is the type of tax cuts that counts. Tax cuts for businesses will always increase jobs and growth. Tax increases that do not impact businesses will have little effect. The devil is in the details.
And those are the facts!!!! See Tables Below.