From 2001 through early 2003, the U.S. was losing an average of 103,000 jobs per month. A full year after the end of the 2001 recession, job growth was still declining. Then in May 2003, the second Bush tax cuts were passed, lowering income, capital gains, and dividend tax rates. By the end of 2007, employment had risen by 8.1 million—an average of 148,000 new jobs each month.