Lest we forget, many of those working today are making far less than they used to, so even these numbers as bad as they are don’t reveal all the downside to Bush and Obama’s policies.
And yes folks, I’m sorry to tell you, but Bush only increased jobs by about 1% in two terms, where traditionally they increase by about 19% in two terms.
The 1-2 punch from Bush Obama have been absolutely devastating to this nation.
“And yes folks, I’m sorry to tell you, but Bush only increased jobs by about 1% in two terms, where traditionally they increase by about 19% in two terms.”
The US economy stopped producing jobs as a consequence of the decision in the 1990’s to lower tariffs and give free access to the US market to other nations. Manufacturing jobs moved to third world nations along with all of the jobs supporting factories and their supply chains.
US companies pay taxes on US production. These taxes are in effect a fee levied for the privilege of access to the US marketplace. When tariffs are eliminated, foreign factories access the US market at no cost. US factories are at a significant disadvantage paying tax rates of 30% or more on profits realize in the US market when the foreign factory pays none. Many of these foreign factories are not taxed on exports by their home governments and in some cases (China) receive export rebates for goods shipped to the US.
The US built the greatest industrial infrastructure on the planet in the 35 years from 1865 to 1900. During those years the federal government imposed high tariffs. These tariffs fully funded the federal government.
Deindustrialization of the US economy has resulted in the loss of full time employment opportunities for millions and the destruction of the middle class.
Free traders promised a booming economy and new jobs in a thriving “service economy”. After 25 years of free trade, the economic boom and full employment service economy has yet to develop in the US market. Is it a coincidence that nations who now produce the goods once made in the USA have thriving economies and growing middle classes?