More Bush(in)formation

The spin machine was on full throttle yesterday as Bush tried to sell his mediocre economy to an unknowing public. Here's the Bushformation:

We got more good news. The national unemployment rate is down to 4.6 percent. We added 6.6 million new jobs since August of 2003. The wages are going up, energy prices are falling, which means people are going to have more money in their pocket to save, invest, or spend. And the fundamental question is, how do we make sure we sustain the economic growth? And one way to do so is to make the tax cuts we passed permanent. One sure way to hurt this economy is to take money out of the pockets of consumers, or small business owners, and send it to Washington, D.C.

That sounds nice. Here's the problem, nonfarm payrolls only went up by 51,000. 51,000 new jobs and the unemployment rate drops from 4.7 to 4.6! What's going on?

The Bureau of Labor Statistics gives us more useful information from the household survey: employment to population rose inched up from 63.09% to 63.14%, while the labor force participation rate inched down from 66.20% to 66.17% (Hat Tip: AngryBear)

And Bush keeps spinning this Tax Cut BS, even after Lazear admitted they don't pay for themselves last week! Incredible.