Bush's Job Growth WORST in 50 Years (Roll out the red carpet for this “staunch Bush supporter.”)

Bush’s giant Right Wing Noise Machine (RWNM) loves to preach about the Bush economic miracle. In fact, the RWNM’s current thinking is Bush doesn’t spend enough time talking about his economic triumphs. If only he did, then everyone would fall in line and believe in the great Bush economic miracle. There is one problem with this argument: it’s a lie. Any way you look at the Bush economy, it comes up short. Today, I want to compare Bush’s job creation record with other economic recoveries. As usual, Bush comes up way short.

The national Bureau of Economic Research has identified 8 recessions since May 1954. For comparison purposed, I only used 5 of these periods because they are longer than the current expansion. Next, I used the total nonfarm employment numbers from the Bureau of Labor Statistics (BLS). I measured the jobs created from the trough (lowest point) to the next identified highest economic point. (The NBER states a “peak marks the end of an expansion and the beginning of a recession.”) I compared the total number jobs created for the entire expansion as well as the total number of jobs created 49 months into the expansion (According to the NBER, the lowest point of the last trough was in November 2001, making December 2005 the 49th month of this expansion). Here’s how the numbers (in millions) compare.

The expansion of 2/61 – 12/69 created 17,684 total jobs and 6,244 at 49 months.

The expansion of 3/75 – 7/80 created 13,183 total jobs and 12,831 at 49 months.

The expansion of 11/82 – 7/90 created 21,003 total jobs and 11,510 at 49 months.

The expansion of 3/91 – 3/01 created 23,969 total jobs and 8,266 at 49 months.

The current expansion which started in November 2001 has created a total of 3,410 jobs.

In other words, at 49 months into an expansion, Bush’s job creation record is last. While we don’t know when this expansion will end, the Bush economy would have to triple the total number of jobs created in order to get to 4th place on this list.

What’s going on here? The basic problem is some areas of the economy are creating jobs. The BLS tracks 13 different job sectors. 7 (a little over half) have created jobs since November 2001 – natural resources/mining (37,000), construction (539,000), financial (550,000), professional services (238,000), education/health (2.1 million), leisure/hospitality (803,000) and governmental employees (1 million). Of all the jobs created three areas – government, education/health account for 57% of job growth. Of the jobs created outside of education, health and governmental employees (2,167,000), construction, professional services and financial services account for about 60% of the jobs created. Real estate is obviously related to all of these areas. Construction is obviously related to real estate, as are financial services (mortgage lending etc…) and professional services (real estate agents, appraisers etc…) So, real estate, governmental employees and health/education jobs are doing just fine.

6 areas – a little under half of the sectors the BLS tracks – have had a net loss in number of jobs: manufacturing (-2,800,000), information (-565,000), trade/transport/utilities (-353), whole sales trade (-107), retail (-157), and transportation/warehousing (67,000). Manufacturing and information are obviously the two biggest areas of job losses. Some of the information service jobs are the result of natural attrition from Y2K. However, I somehow doubt that is the only reason for the losses. While there is no information regarding outsourcing losses (because the government does not keep any statistics on the subject), I fell safe in assuming outsourcing is a big factor involved in the losses.

In summation, sum people are doing well. They can find jobs and are probably financially somewhat secure. However, others have seen their jobs literally disappear overnight and are hurting to find new jobs that pay commensurate levels. These people are hurting from the current “expansion”. Of course, Bush and the RWNM has forgotten about them.

Easy, easy, easy to refute. BLS measures "employed" based on businesses that officially employ people. What they do NOT count is self-employed and family employed.

Beginning in the 1990s, there was a huge shift to mini-companies of 5 employees or fewer (often just one or two, often married or a father/son, etc.). These DO NOT show up on THIS labor measure, but they do show up on the other survey (I forget its name now) that asks, "Do you work full time?"

That's why there is a big, big gap between the "jobs" survey and the employment/unemployment numbers. People are working---it's just that a lot are not working for someone else. We used to call that self-sufficiency, and it was considered a good thing.

You should exclude the job losses associated with mess the President needed to clean up (i.e. recession) after Bubba left office. Keep talking...it helps you so much at the ballot box.

IBTZ?

But really, does anyone really think that the economic growth started two months after 911?

Lousy data, lousy results, thesis rejected. Sorry, you can't move into the bonus round.

The numbers ignore the downturn that happens in every economic cycle.

Alot of those jobs were lost not because of bush, but because of 9/11. There was the internet bubble(not bush either), but yet it's partially because of the tax cuts(among other things) that have brought the market back, allowing so many jobs to be created.

There's your refute.(the shortened version)

What is the current unemployment rate? What was it during the Klinton years? Are there more or less people of working age now than ever before? What does it take to refute your gibberish? It's obvious that TRUTH has nothing to do with a "staunch Bush supporter" like yourself. If you were a staunch athletic supporter, many boys would not have the equipment to become mature men.

Hey, must check out the Homeworld 2 - much, much prettier with far better "zots". Nothing like a battlecruiser blowing up... Darn. Now you've done it. I'm going to have to reinstall that again.

National Bureau of Economic Research? Run the board of directors through open secrets.org and they appear to be an arm of the DNC. Kerry, DNC, MoveOn.org, all the usual loony left causes are there.

Nice try troll, but you'll find Conservatives don't just eat the moonbat stew portioned out by Kos and Atrios.

Owl_Eagle

(If what I just wrote makes you sad or angry,

it was probably sarcasm)

Explain how you want so many new jobs added when unemployment is so low? I mean, if 100% of the employable population was employed, you would see ZERO jobs added, making that the "worst economy ever". Moron.

hehe I have that game. I have a screen of some multi-bream frigates (Homeworld 1 ports to HW2) blowing up a shipyard. I really should upload it lol.

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