Bush Economic Report Sees Jump in Job Growth; Democrats See "Fairytale"

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President Bush's annual economic report to Congress is predicting a big spurt in job creation, but Democrats are dismissing it as pie in the sky.

The "Economic Report of the President", prepared by the White House Council of Economic Advisers, foresees growth this year of four percent, and a jump of 2.6 million in the number of U.S. jobs. It credits Bush's tax cuts for the rebound, and envisions, quoting here, "mounting prosperity that will reach every corner of America."

The survey comes a week after Bush sent a new budget to Congress that projects a record $521 billion deficit.

Democratic party vice-chairwoman Lottie Shackleford calls the economic report a "fairytale". She notes that instead of creating jobs, the economy has posted a net loss of some 2.2 million jobs since Bush took office.