I hadn't seen the comparisons yet between the recovery during Bush's first term and Obama's first term so here it is. These statistics are gathered from BLS.gov. The starting points are Nov. 2002 and Jun. 2009, the ends of the two most recent recessions. Net job creation for Obama after 15 months was -657,000. Net job creation for Bush Jr. after 15 months was -1,278,000.
If Obama were to follow the Bush trend, next month the U.S. would lose 156,000 jobs and lose another 198,000 the month after.
I think we can all agree that a Democratic majority in the House/Senate and Democratic controlled White House has been much better for our economy and jobs.
Hello, not to rain on the parade, but you missed one key important point. First off, i'm as far left as one can be, loving the idea of mixing more of a modern version of socialism, mostly because i know it's the best way to treat and care for its citizens.
ReplyDeleteBut you cant forget about 9/11, which did have a definite impact. I'd also mention all of the other terrible policies that the rightwingers put into place that kept the negative job and slow GDP growth the worst in recorded history, but those are things that are typical rightwing ideals, and not an unavoidable disaster (even though it was orchestrated by the rightwingers too).
9/11 no doubt depressed growth. But, after 19 months, the Bush economy still lost over 150k for two consecutive months.
ReplyDeleteThat seems pretty significant.
I suppose I shouldn't be declaring mission accomplished yet as I'm comparing a Bush month to a month that hasn't happened with Obama but all indications of new jobless claims are looking as if we'll be in good shape.