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Jobs: Slowly Climbing Out of the Bush Wreckage

by: Dean Barker

Fri Apr 02, 2010 at 20:43:13 PM EDT

+162K jobs in March is still below what's needed just to tread water with population growth, but there is no question the number is a significant improvement, and yet another sign that the Obama Administration's economic policies, and especially the Recovery Act, played a critical role in lifting this country out of the economic devastation of the Bush years. Steve Benen:

The jobs report is easily the best we've seen since the start of the Great Recession late 2007, and the strongest overall in three years. With revised numbers for recent months, March is now the third month to show positive job growth since the start of the economic downturn, but last month's totals far exceeded the modest totals from November 2009 and January 2010...

Between this and RepealFail, the GOP might actually have to come up with something to campaign on this summer other than fear and misinformation.

Dean Barker :: Jobs: Slowly Climbing Out of the Bush Wreckage

Tags: economy, employment, (All Tags)

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Jobs: Slowly Climbing Out of the Bush Wreckage | 1 comments

More perspective (0.00 / 0)

For economic perspective, I like a model I saw once where a president's job-creation numbers are offset by a year (in essence, saying that a previous president's policies have a year of momentum to overcome, with the priced-in fears playing out), but the slope of the graph is more likely to be the immediate result of a new president's policies and ability to instill confidence in future gains.

Notably, under that model, while Bush escapes the negative figures of 2001 (which under this model were an outgrowth of the bursting of the tech bubble that had grown under Clinton, hence Clinton's fault), he takes the four million lost jobs of the last year and ends up as the first president since Hoover to produce negative job creation figures. Using figures I grabbed from http://research.stlouisfed.org... and plugged into Excel, W lost about a million jobs. By contrast, Clinton (even with the 2001 losses on his record and not getting the 3 million gained in 1993) gained about 19.5 million jobs, Bush Senior managed to gain about 4 million jobs in his single term (most in 1993), Raygun gained about 19.5 million jobs, and Carter in his single term gained about 11 million.

And under this metric, President Obama gets to claim a positive gain of 148,000 jobs to his credit. I haven't run numbers on the slope, but this graph makes it very clear that Obama's produced a massive upward slope to contrast Bush's massive downward slope.

Only the left protects anyone's rights.

by: RealNRH @ Fri Apr 02, 2010 at 21:27:20 PM CDT

Jobs: Slowly Climbing Out of the Bush Wreckage | 1 comments

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