November 24, 2024
Business

Tax cuts’ effect on Maine jobs scrutinized

AUGUSTA – Maine’s unemployment rate fell in November, but two economic policy groups say the state has not gained the jobs that were anticipated with President Bush’s tax cuts.

Last month’s 4.9 percent jobless rate was down from 5.1 percent in October, but is up from 4.7 percent a year ago. The national unemployment rate is 5.9 percent.

With seasonal adjustments, jobless rates ranged from 3 percent in Cumberland County to 9.3 percent in Somerset County.

An analysis of employment data by the Economic Policy Institute and the Maine Center for Economic Policy says Maine has not experienced the job growth that was projected with tax cuts designed to stimulate the economy and produce new jobs.

The groups said the Bush administration predicted the tax cuts would result in the creation of 5,000 new jobs in Maine from June to November. But the groups said the state instead has lost 1,700 jobs during that time.


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