Larry Kudlow

The November report for headline job creation may not have been quite as strong as expected, but the fine print inside the government release still carried plenty of good economic news -- which is not so uncommon these days. Indeed, with each new piece of rising economic data, one thing is becoming increasingly clear: This booming economy is voting for Bush.

While it's true that big corporations are still cautious about new job hires, the fact remains that more and more people are entering the workforce. Employment as measured by the Labor Department's household survey counted 589,000 newly employed workers in November, following October’s robust rise of 441,000. This measure has increased in three of the last four months by a total 1.1 million. It's why the unemployment rate has dropped to 5.9 percent from its 6.4 percent peak.

In fact, the household survey now shows that 757,000 more people are working today than in January 2001. The media may rant about big job losses during the Bush presidency, but the much different reality is that three quarters of a million more people have gone to work during the president's first three years -- which included a recession he inherited from the prior administration.

Part of this misinformation problem may be that the job-watchers in the media are not tracking all of the jobs. In the innovative 21st century information economy, it's the ranks of the self-employed that are surging. In November, for example, 156,000 new self-employed workers showed up. This sector has gained in five of the last six months by a total of 517,000, strongly implying that the labor market is healthier than the headlines suggest. When you add the number of new self-employed workers to the new payrolls in the corporate workforce, you get a total of 213,000 new jobs in the economy for the month of November.

Not only is this more proof that the "jobless" recovery is in good part myth, but it represents a cultural change inside the economy. Self-employed entrepreneurs are replacing the old-line corporate establishment. This is a transformation of America's jobs profile, and its being enabled by President Bush's significant tax cuts on small businesses and their investments.


Larry Kudlow

Lawrence Kudlow is host of CNBC’s “The Kudlow Report,” which airs nightly from 7 p.m. to 8 p.m.