The Facts Show Increase of Jobs Under Bush

NewsMax ^ | Feb. 25, 2004 | Paige McKenzie

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The Facts Show Increase of Jobs Under Bush

Paige McKenzie, NewsMax.com
Wednesday, Feb. 25, 2004

The media and Democrats keep repeating it over and over: "2.3 million jobs lost" since President Bush took office. His could be the worst job record since before World War II, they claim.

One little problem: It's not true.

Not only has there been no net loss of jobs during the Bush administration, there has been a net gain, even with the devastation of 9/11. At least 2.4 million jobs have been created since the president took office, 2 million of those in 2003. The gains more than offset the losses.

While Democrats continue to beat their election-year drums about outsourcing, manufacturing losses, unemployment and slow growth in employment, America’s economy has been steadily creating jobs.

At least 366,000 jobs have been created in the last five months, over 100,000 of those in January, White House press secretary Scott McClellan has noted. And though the eight-month recession “officially” ended in November, economic indicators are surprising economists and pointing toward a take-off in the recovery.

The signs:

 

• The 5.6 percent unemployment rate is the lowest in two years and below the average of the 1980s (7.3 percent) and '90s (5.8 percent), and still continues to drop.

   

• The nation's economic output revealed the strongest quarterly growth in 20 years. The data for the fourth quarter of 2003 show that the civilian labor force rose by 333,000, while the number of unemployed in the labor force dropped by 575,000. Even better, the number of so-called discouraged workers declined in December.

   

• Consumer spending grew between 4 percent and 5 percent last year, and real hourly earnings rose 1.5 percent. Real earnings have risen over the last three years.

   

• Exports doubled to 19 percent in the fourth quarter, compared to less than 9 percent in the third.

   

• The number of American workers is at an all-time high of 138.5 million, a level never before attained in U.S. history.

   

• Jobless claims are 10 percent below the average of the last 25 years and still falling.

   

• Hiring indices are up, even in manufacturing.

   

• Productivity growth is extremely high.

   

  Now the doomsayers are criticizing the validity of the unemployment rate, which at 5.6 percent does not fit their gloomy story.

   

  Faulty Counting

   

  The problem is the areas of biggest job growth are usually not even being counted at all.

   

  Though 75 percent of jobs are created by small companies, according to the Small Business Administration, this sector’s entrepreneurial activity and the jobs it creates are left out by Washington bean counters when calculating official new job numbers.

   

  The Bureau of Labor Statistics (BLS) does its Payroll Survey by phoning businesses to crunch the number of jobs that have been gained or lost. This is where Democrats grabbed onto their lifeline, the 2.3 million figure. Look only at the Payroll Survey, and there has been a gain of only 522,000 jobs since Bush took office.

  But here’s the rub. The Household Survey is used to determine the unemployment rate and accounts for those who are self-employed, and small emerging businesses that might be overlooked by the Payroll Survey. But the number of U.S. firms isn’t static, and the "fixed list" used by the BLS for phoning established businesses does not reflect new entrepreneurial activity.

  People are called at home and asked if they have jobs, or if they are in the market for a job. In contrast to the Payroll Survey, the Household Survey shows that 2.4 million jobs have been created so far during Bush's time in office.

  As Economy.com writer Haseeb Ahmed recently wrote, "something is amiss in the [Payroll] survey."

  Credit Where Credit Is Due

  That’s not all. When doomsayers, and media spoiling for a fight in an election year, laughed at Bush’s prediction of 2.6 million new jobs this year, not everyone was scoffing.

  Ahmed, Federal Reserve Chairman Alan Greenspan and others hardly batted an eye. Greenspan said it was "probably feasible" the economy would reach the Bush administration's forecast of adding 2.6 million jobs this year, provided growth continues and the productivity rate slows to more typically levels.

  "I don't think it's 'Fantasyland,'" Greenspan said.

  "I agree with him," said John Ryding, chief market economist at Bear Stearns. "I think that we will create 2.5 million, possibly more, jobs over the balance of the year."

  Ahmed is convinced that "the revision patterns of the early-1990s recovery cycle" will be repeated. A total of 1.4 million job gains were revised upward to 2.9 million in the first 21 months after the end of the last recession, just after Bush Sr. was voted out of office.

  Next: If elected, will John Kerry get credit for the jobs created under the Bush administration? And find out why so many workers are not being counted.

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Useful info.

[Integrityrocks]

I SURE hope this becomes a MainStream Media Political Commercial, very soon. I'm so sick of hearing nothing but lies on TV about the economy.

[writer33]

Jobs in a Bush Ecnomy? How can this happen? Heavy on the sarcasm.

But I knew it all along.

[anniegetyourgun]

Me too.

[goodnesswins]

Yeah...we know it....but we've got to counter those that don't....I walk with a bunch of chicks...and the other day one of them said, "Yeah, but I sure hope the economy gets better." I called her on it by saying "The economy is doing great....and my economy is doing just fine...is there anything wrong with yours?" She replied "no" and then we talked a little about how no one she knew was really having problems either....Turned out her husband is a local Surgeon....I'm slowly converting people!

[Peach]

I've seen these numbers reported in more legitimate news sources and believe them, but WHY WHY WHY isn't the administration doing ANYTHING to counter the negative press?

President Bush and his administration need to be talking about this EVERY day.

[Right_in_Virginia]

BTTT

[Justa]

Well, let's see, under GWB I've gone from an unemployed, disabled Vet to a civil servant, to an employee of a global IT corporation and now to a DoD contracting job in Iraq. My salary has gone from nothing to 40k, to 45k, and now, due specifically to GWB, to 130k. Sure works for me. Will my latest job be credited to GWB -or even counted? H#ll no. Heck, I'll be lucky if I even get to vote.

[Maria S]

"WHY WHY WHY isn't the administration doing ANYTHING to counter the negative press? "

I really think the lack of "spin ability" (or whatever it's called!) is the single biggest flaw in the Bush WH. Unfortunately, they are so busy doing their jobs (like they're supposed to be doing!) and seem to be so lacking in guile that they just honestly go about the day. Sometimes I wish they had a few Carvilles, Ann Lewises, et al, to be a little more blunt and strong!! (Aaaaahhh...maybe I don't REALLY wish that!)

[dalebert]

Bump. I still don't know anyone who has no job unless they don't want one.

[Califelephant]

In my local area (Southwest Riverside County, California), the economy appears -- at least at the retail level -- to be very robust. When my wife and I go out on the weekends to shop and run errands and dine out, most of the stores and restaurants seem to be packed with shoppers.

[writer33]

Good job. You're right. There are many that are unaware of what's really happening. Excellent point.

[snooker]

Yep, it's truly amazing. My business friends are all saying the same thing. Business is booming. They are having trouble keeping merchandise in stock. employees are tough to find. Builders can't find enough workers to finish the building jobs they already have.

Must be someone without a job somewhere. CBS or CNN laying off? Maybe that's it.

[Meldrim]

Can you still speak English in your area and expect to be served?

[GailA]

Ditto in Memphis. Wages don't compare to Kali though..median income is $25,000. Hubby went back to work after being laid off for nearly 18 months when his company folded bumped into the grey ceiling. Finally got hired by the Memphis PD to repair their radios and equipment..for more money than he earned at his defunct company.

[Schattie]

I dunno how she came up with this info, Greenspan himself said that the payroll survey was "probably" more accurate.

Not to mention the fact that extending unemployment benefits artificially lowers the unemployment rate (people on unemployment aren't motivated to look for work and are thus not counted as unemployed).

[redhead]

"Bump. I still don't know anyone who has no job unless they don't want one."

Exactly. Where I live, everyone who WANTS to work is working. There is a sizeable "Help Wanted" section in our weekly newspaper that changes frequently. Must mean jobs are being taken, while others are opening up.

[visualops]

Wow, good for you!

[visualops]

Facts

[Eala]

Pinging Willie Green.