http://www.nytimes.com/2004/03/09/opinion/09KRUG.html What Krugman does not mention is that each year's projection of job growth has been *more* unrealistic than the previous years'. If you do the calculations, you find the following:
* Real change in payroll employment during FY 2001: loss of 78,000 jobs per month.
* Bush's prediction made in FY 2002: gain of approx. 215,000 jobs per month through 2004.
* Real change in payroll employment during FY 2002: loss of 72,000 jobs per month.
* Bush's prediction made in FY 2003: gain of approx. 230,000 jobs per month through 2004.
* Real change in payroll employment during FY 2003: loss of 33,000 jobs per month.
* Bush's prediction made in FY 2004: gain of 306,000 jobs per month through 2004.