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

bopnews ^ | Hale Stewart

[intruder alert]

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.

[Paul_Denton]

As Right can tell you, MurryMom is somewhat of a token liberal on FR. She's sorta the forum pet troll.

You mean target practice?

She was screaming oncec about how her teachers pay was being eaten up by taxes, so I asked her about teh teachers union dues and Clinton hiked taxes. She came back with some mental ooze about how if it 'sticks it to Bush' she's willing to do it. *chuckle*

LOL! Looks like you PWN3D her as Mike would call it. *hehe*

[rightinthemiddle]

She stops by for a "cup of tea" but doesn't stay long enough for a ZOT.

[airborne]

Oh, man!

I just went to the bathroom for a minute! ;^(

[Darksheare]

Yes, she is target practicece, though she has learned ot 'game' the system.
She baits people now and pretends as if she didn't do anything.
But everyone knows she's full of it.


She likes to slap at the military, and she's been pinata'd repeatedly for it.

[Paul_Denton]

LOL! Kinda pointless to pretend when she knows she is a troll. Well sounds like fun hehe :)

[MNJohnnie]

Well, it's over. He's officially gon

Well thank you that was fun! Was feeling a little under the weather and a good ZOT thread was JUST what the Doc ordered!

[Paul_Denton]

I agree! :) I am kinda depressed and I needed a laugh. Thanks :)

[Darksheare]

Yeah, she was saying insulting crap and trying to get me banned for smacking her awhile back.
(Last year sometime)

I have no love for the MurryMom.

[MNJohnnie]

Oh wow! That potential poster was GREAT!!!

[Paul_Denton]

LOL I take it she failed when she tried it. Sounds like she is a troll defender too.

[MNJohnnie]

The "jargon" that you refer to are called "numbers".

Oh wow, is that post going to leave a mark!!!

[Darksheare]

She was very insulting, so I highly doubt anyone in a mod position took her seriously, especially since she is a troll anyway.

[Republican Wildcat]

"intruder alert" indeed. Good bye.

[Paul_Denton]

LOL I bet. I saw some of her c-r-a-p LOL.

[Darksheare]

She is quite the... er, troll.

[Paul_Denton]

LOL both troll and b*tch

[BreitbartSentMe]

I love 'em. If you go to www.despair.com, you can see all of their de-motivator posters.

[Rock N Jones]

“Any way you look at the Bush economy, it comes up short.” “The expansion of 3/75 – 7/80 created 13,183 total jobs and 12,831 at 49 months. “

Oh yes I long for the days of Jimma Carter. Why I could get 15% on a 6 months CD! Oh Jimma will ya please come back! Come back Jimma, Come back Jimma!

[Darksheare]

Yes.

She also loves to slaughter history and fact.
Just wait until she starts 'quoting' history 'factoids' of the 'utopian Clinton years'.
That's when she is at her funniest.
She should do comedy.

[Paul_Denton]

LOL! Sounds like a typical DUmmie (does she post on DU?). Agree about the comedy.