Saturday, November 07, 2009

Jobs created by Presidency.

While I was listening to the un-illuminating debate about health care on the house floor, I decided to show you all just how bad George Bush's economic record was.

In the 4 years of Jimmy Carter's presidency, the economy gained 10.5 million jobs. That's actually a huge number, but I'm not surprised. This is when women were entering the labor force in huge numbers, and we were a lot younger as a nation than we are today, so more workers were entering the workforce every year. Its not nearly as impressive as it sounds, but not godawful either.

In Reagan's 8 years, the economy created 16 million jobs. What's interesting is that only 5 million and change were created in his first 4 years, as a result of the bad recession of the early 1980s, whereas 11 million were created in the last 4 years in the 1980s boom.

George Bush senior took over when the economy was strong, so his 1-term presidency should not have created many jobs. And it didn't, only 2.6 million in the 4 years. Not as bad as it sounds, but not good.

During Clinton's 8 years the economy created a whopping 22.5 million!!! Now the economy was weak but recovering when Clinton took over, so his first term should have had a bunch of new jobs created. And, with a larger labor force, you would expect a larger number of jobs to be created than in past presidencies. Still, this is a HUGE, HUGE number.

During Bush 43's 8 year disaster of a presidency, the economy created 2 million jobs!!!! Yes, 2 million net jobs in 8 years!!! Now the 2001 recession wasn't his fault AT ALL, and he took over right at the end of a boom, so the fact that literally zero jobs were created in his first term is somewhat forgivable. But only 1.8 million in his second term? Beyond pathetic!!!

Review of 8-year presidencies:

Reagan: 16 million.

Clinton: 22.5 million.

Bush 43: 2 million.

16, 22.5, 2. Yes, there are mitigating factors, but not ANYWHERE near enough to account for this huge, HUGE difference in economic outcomes. Amazing. Hey, who out there still likes Bush?

1 comment:

Unknown said...

I'm reminded of Truman's view on statistics. These are some of the issues with that stats.
- Economic policies take time to work themselves through.
- Should we give Clinton credit for the dot.com boom while giving Bush Jr. credit for the dot.com bust?
- In both dot.com & MBS crisis, it was the private sector that created both boom and bust.