5/14/10

More jobs might be created this year than during George W. Bush's presidency

From National Journal via Huffington Post:

First, the numbers: From February 2001, Bush's first full month in office, through January 2009, his last, total U.S. nonfarm employment grew from 132.5 million to 133.5 million, according to the Bureau of Labor Statistics. That's an increase, obviously, of just 1 million. From January through April of this year, the economy created 573,000 jobs. Over a full year, that projects to 1.72 million jobs. Job-creation numbers are notoriously volatile, so the actual result could run above or below that estimate. But Obama administration economists are increasingly optimistic that job growth this year will exceed expectations. Few of them will be surprised if more jobs are created in 2010 than over Bush's two terms.

Now the principal footnote: To compare job growth in 2010 with Bush's record ignores the nearly 4 million jobs lost in Obama's first year, during the freefall that began in Bush's final months. That's like ignoring a meteor strike. Over time, voters are likely to judge Obama by his degree of success in eliminating that deficit and reducing unemployment. Still, if the economy this year produces more than 1 million jobs -- or, conceivably, more than 2 million -- that will give Democrats more ammunition to argue that their agenda has started to turn the tide.

The real point of looking again at Bush's record is to underscore how few jobs the economy was creating even before the 2008 collapse. Bush's tally of 1 million jobs was much less than the economy had generated during any other two-term stretch since World War II: Dwight Eisenhower produced nearly 4 million, John Kennedy and Lyndon Johnson (together) almost 16 million, Richard Nixon and Gerald Ford (together) 11 million, Ronald Reagan 16 million, and Bill Clinton more than 22 million.


Obama says the same thing:



Alex
Choose Our President 2012

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