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.

[Darksheare]

Dunno if she posts on DemUn, but if she does she hasn't shown herself.

[Paul_Denton]

LOL I would not be surprised if it did.

[Arrowhead1952]

intruder alert

[Darksheare]

I wouldn't be surprised either.

[bobsatwork]

"http://www.bls.gov/news.release/pdf/empsit.pdf"
Try this. Current job creation much greater than you admit. Claim refuted. Get lost.

[1rudeboy]

When I hear "intruder alert" I think of that 80's video arcade game, Berserk.

[dfwgator]

Mr. Intruder, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it.

I award you no points, and may God have mercy on your soul.

[Chaguito]

"Intruder Alert" reminds me of the gadget in the movie "Top Secret." Can't say here what it was, except that the person who received it from the US as a gift didn't know that Europe uses 220v. Accidentally killed himself using it there, and it took the morticians a week to get the smile off his face.

[Ultra Sonic 007]

I did read the article. As silly as it was, the immediate follow-up comment indicated (to me, at least), that IA was asking for someone to refute the article.

[BreitbartSentMe]

Sorry, I don't know how I posted that reply twice!

Seems to me I heard that before.....

[dighton]

Blackadder: Adding

[airborne]

You can't take that one sentence out of context. It's all a part of the same lame BS.

Typical troll behavior.

[vigilante2]

                 Are You On Drugs?
 

[stephenjohnbanker]

Good I think.

[Myrddin]

The current expansion which started in November 2001 has created a total of 3,410 jobs.

What a convenient starting point. Under 60 days after the 9-11-2001 attack on the WTC. That's certainly a fair consideration in the measurement.

[rzeznikj at stout]

ZOT!!!

[MEGoody]

Um...am I the only one here who thinks the 'zotted' person in question is actually looking for answers? I think this isn't a troll here.

It's possible, but there have been lots of answers given in the thread, so he should be set by now.

[Darksheare]

Okers.
Was wondering if I'd get in trouble for suckering trolls into holding onto lightning rods.