Well, this story sums up about all you need to know about George W. Bush and his Administration:
1. They have done, and are doing, a lousy job of macroeconomic management.
2. They have no respect for facts.
3. If their lips are moving, they’re lying. Transparently, the phony jobs estimate wasn’t dreamed up by the “number crunchers.” It was dreamed up by the same highly paid political hacks who decided to substitute photos of the Beloved Leader for charts and graphs in the latest Economic Report of the President.
4. The President personally is trying to usher in the “era of personal responsibility” by refusing to take any personal responsibility for anything.
The good news is that eventually they had to back off their silly estimate.
Hearty congratulations to Brad DeLong, who spotted this issue early and rode it hard.