It’s true that the number of consecutive months in which the economy has added jobs is the longest on record, but the number of jobs gained is not. The pace of job creation was far stronger during the Clinton administration, when 22.7 million new jobs were added despite seven months that saw slight declines. Since Bush’s “record” run began in August 2003, the gain has been 8.3 million. It’s true that wages are up: Average weekly earnings for rank-and-file workers were $605.96 in Dec. 2007, compared with $578.67 a year earlier. But after adjustment for rising prices, the buying power of the average weekly paycheck actually declined.
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