Way Back When Jobs Were…Something

Wall Street Journal (2009):

President George W. Bush entered office in 2001 just as a recession was starting, and is preparing to leave in the middle of a long one. That’s almost 22 months of recession during his 96 months in office.

His job-creation record won’t look much better. The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clinton’s administration and only slightly better than President George H.W. Bush did in his four years in office.

Here’s a look at job creation under each president since the Labor Department started keeping payroll records in 1939. The counts are based on total payrolls between the start of the month the president took office (using the final payroll count for the end of the prior December) and his final December in office.

Because the size of the economy and labor force varies, we also calculate in percentage terms how much the total payroll count expanded under each president. The current President Bush, once taking account how long he’s been in office, shows the worst track record for job creation since the government began keeping records. –Sudeep Reddy

But don’t worry. Just keep cutting taxes for the rich and that trickle-down will start happening any decade from now. promise.

Vote Quimby?

VIA JED LEWISON…

You want the truth? You can't handle the truth. No truth- handler, you. Bah! I deride your truth-handling abilities.

Questions:

1. What was the average monthly private sector job growth in 2008, the final year of the Bush presidency, and what has it been so far in 2010?

1. What was the Federal deficit for the last fiscal year of the Bush presidency, and what was it for the first full fiscal year of the Obama presidency?

1. What was the stock market at on the last day of the Bush presidency? What is it at today?

1. Which party’s candidate for speaker will campaign this weekend with a Nazi reenactor who dressed up in a SS uniform?

Answers:

1. In 2008, we lost an average of 317,250 private sector jobs per month. In 2010, we have gained an average of 95,888 private sector jobs per month. (Source) That’s a difference of nearly five million jobs between Bush’s last year in office and President Obama’s second year.

1. In FY2009, which began on September 1, 2008 and represents the Bush Administration’s final budget, the budget deficit was $1.416 trillion. In FY2010, the first budget of the Obama Administration, the budget deficit was $1.291 trillion, a decline of $125 billion. (Source) Yes, that means President Obama has cut the deficit — there’s a long way to go, but we’re in better shape now than we were under Bush and the GOP.

1. On Bush’s final day in office, the Dow, NASDAQ, and S&P 500 closed at 7,949, 1,440, and 805, respectively. Today, as of 10:15AM Pacific, they are at 11,108, 2,512, and 1,183. That means since President Obama took office, the Dow, NASDAQ, and S&P 500 have increased 40%, 74%, and 47%, respectively.

1. The Republican Party, whose candidate for speaker, John Boehner, will campaign with Nazi re-enactor Rich Iott this weekend. If you need an explanation why this is offensive, you are a lost cause.

The moral of the story is this: if you vote Republican, I hope you enjoy Election Day — because you’re not going to like what comes next