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Surprise! Obama Is Creating More New Jobs Than George W. Bush
( This one's for you~ Mrs. P.)
Even President Barack Obama acknowledges that the economy is creating jobs too slowly under his stewardship. Yet Obama can now boast that more jobs have been created during his first term than during that of his predecessor George W. Bush.
When Bush began his first term in January 2001, total nonfarm employment was 132.47 million. When his second term began four years later, it was 132.45 million, or effectively zero job growth.
Obama's first term isn't technically over yet, but so far, employment has risen from 133.56 million in January 2009 to 134.02 million in the latest report, for December 2012. That's a net gain of about 460,000 or 0.3 percent. As paltry as that is, it beats Bush's first-term performance.
Purists might argue that because of the one-month lag in the official job numbers, it would be more appropriate to judge each president's first term from the February figures rather than those for January. But that gives Obama an even bigger edge. From February 2001 to February 2005, the economy created 164,000 jobs, for a 0.1 percent gain during Bush's first term. From February 2009 through December 2012, the economy created nearly 1.2 million jobs, a 0.9 percent improvement.
Each man can point to extenuating circumstances that harmed the economy during his first term. For Bush, there was a modest recession that ran from March 2001 through November 2001, punctuated by the 9-11 terror attacks in September of that year. The dot-com meltdown, one cause of the recession, took years to subside.
Obama took office during the worst financial crisis since the Depression, as companies were laying off workers by the thousands. His first priority was stabilizing the banking system to prevent another depression. During Obama's first month in office, employers shed 800,000 jobs.
To some extent, Obama has enjoyed luckier timing that Bush. The recession Obama inherited was more than a year old when he took office, and it officially ended five months later. It took considerably longer for the job market to bottom out. Employment hit its low point in February 2010. But since then, about 4.8 million net new jobs have been created, an average of about 140,000 per month. That's weak, but at least it has been fairly consistent.
Job growth has now ticked up to about 150,000 per month. If that pace continues, the economy will end up creating more jobs under Obama in four-and-a-half years than it created under Bush in a full 8 years.
Had Bush left office one year earlier, in January 2008, his performance would have looked quite good, with 5.6 million jobs created during his tenure. But the economy tanked in 2008, hemorrhaging 4.5 million jobs during Bush's last year in office. That left total job growth during his eight years of just 1.1 million jobs--a figure the Obama ought to eclipse by this summer, if the economy keeps growing.
If the economy adds an average of 150,000 jobs per month during Obama's entire second term, which is plausible, then it will have created about 7.7 million jobs by the time Obama leaves office. Many presidents have done better, but not the one Obama replaced.
http://news.yahoo.com/surprise-obama-creating-more-jobs-george-w-bush-210139079.html
Even President Barack Obama acknowledges that the economy is creating jobs too slowly under his stewardship. Yet Obama can now boast that more jobs have been created during his first term than during that of his predecessor George W. Bush.
When Bush began his first term in January 2001, total nonfarm employment was 132.47 million. When his second term began four years later, it was 132.45 million, or effectively zero job growth.
Obama's first term isn't technically over yet, but so far, employment has risen from 133.56 million in January 2009 to 134.02 million in the latest report, for December 2012. That's a net gain of about 460,000 or 0.3 percent. As paltry as that is, it beats Bush's first-term performance.
Purists might argue that because of the one-month lag in the official job numbers, it would be more appropriate to judge each president's first term from the February figures rather than those for January. But that gives Obama an even bigger edge. From February 2001 to February 2005, the economy created 164,000 jobs, for a 0.1 percent gain during Bush's first term. From February 2009 through December 2012, the economy created nearly 1.2 million jobs, a 0.9 percent improvement.
Each man can point to extenuating circumstances that harmed the economy during his first term. For Bush, there was a modest recession that ran from March 2001 through November 2001, punctuated by the 9-11 terror attacks in September of that year. The dot-com meltdown, one cause of the recession, took years to subside.
Obama took office during the worst financial crisis since the Depression, as companies were laying off workers by the thousands. His first priority was stabilizing the banking system to prevent another depression. During Obama's first month in office, employers shed 800,000 jobs.
To some extent, Obama has enjoyed luckier timing that Bush. The recession Obama inherited was more than a year old when he took office, and it officially ended five months later. It took considerably longer for the job market to bottom out. Employment hit its low point in February 2010. But since then, about 4.8 million net new jobs have been created, an average of about 140,000 per month. That's weak, but at least it has been fairly consistent.
Job growth has now ticked up to about 150,000 per month. If that pace continues, the economy will end up creating more jobs under Obama in four-and-a-half years than it created under Bush in a full 8 years.
Had Bush left office one year earlier, in January 2008, his performance would have looked quite good, with 5.6 million jobs created during his tenure. But the economy tanked in 2008, hemorrhaging 4.5 million jobs during Bush's last year in office. That left total job growth during his eight years of just 1.1 million jobs--a figure the Obama ought to eclipse by this summer, if the economy keeps growing.
If the economy adds an average of 150,000 jobs per month during Obama's entire second term, which is plausible, then it will have created about 7.7 million jobs by the time Obama leaves office. Many presidents have done better, but not the one Obama replaced.
http://news.yahoo.com/surprise-obama-creating-more-jobs-george-w-bush-210139079.html
Haha. I get what you are saying. Seasonal job would be ideal for me if I could live on my earnings year round.
Enjoy the snow.
Enjoy the snow.
I bet there will be some jobs added with the clean up, but I get mixed up on this conversation. New Jobs added. That should be pretty easy to figure out. But in a case like this and Katrina, people from all over the country show up. Private contractors hire extra people, but when the work dries up, its gone until the next catastrophe.
Here is something local. I live in Sublette County. We've got the lowest unemployment in the state at about 3.7 to 3.9. Just to our north is Teton County and their unemployment fluctuates dramatically because they are a tourist destination. The got as high as 8+%. Now here's what gets me. So many of the people who work in the retail, hospitality, and lodging industry basically get laid off. So those jobs are dried up for the time being. Come back into season, the majority of those people are rehired.
Jobs really didn't go anywhere, but there is "Job Attached" unemployment.
Im talking myself into a circle here. Matter of fact, I forgot my point. More coffee before I go back outside to play in the snow.
Here is something local. I live in Sublette County. We've got the lowest unemployment in the state at about 3.7 to 3.9. Just to our north is Teton County and their unemployment fluctuates dramatically because they are a tourist destination. The got as high as 8+%. Now here's what gets me. So many of the people who work in the retail, hospitality, and lodging industry basically get laid off. So those jobs are dried up for the time being. Come back into season, the majority of those people are rehired.
Jobs really didn't go anywhere, but there is "Job Attached" unemployment.
Im talking myself into a circle here. Matter of fact, I forgot my point. More coffee before I go back outside to play in the snow.
These things seem to change quickly and then there is the slant of whoever is reporting it..it is hard to get a clear picture.
I think it will take some time, but with all the work that needs to be done on the East coast after Hurricane Sandy, there ought to be some work for folks for awhile anyway. At least in that part of the country.
I think it will take some time, but with all the work that needs to be done on the East coast after Hurricane Sandy, there ought to be some work for folks for awhile anyway. At least in that part of the country.
Ooops, but me off. But what I was trying to get to was that other sources are saying that it is 7.9. I guess that .1 really isn't a big number. I don't think we get a clear shot at the real news anymore.
I guess we'll be expecting the unemployment to rise a little. Some of the recent new jobs were seasonal part time ones, but we'll see.
I guess we'll be expecting the unemployment to rise a little. Some of the recent new jobs were seasonal part time ones, but we'll see.
Now see. Every time I get to thinking that things are sounding good again, you hear something like this.
http://www.tradingeconomics.com/united-states/unemployment-rate
Radio news, and I can't even tell you were we get it out of said something this morning about 7.8 %. We got in a big discussion at breakfast this morning about all of it and how do you make heads or tails of it? This is another thing that I try not to think too much about.
http://www.tradingeconomics.com/united-states/unemployment-rate
Radio news, and I can't even tell you were we get it out of said something this morning about 7.8 %. We got in a big discussion at breakfast this morning about all of it and how do you make heads or tails of it? This is another thing that I try not to think too much about.
Thank you OH..You're a doll!..xoxo....I know his stuff already though..I just wish those on the right would acknowledge it..They bi**ch and moan about the President "doing nothing" but facts have shown time and time again that the President is doing a damn good job! When we throw facts out there like this, they either don't respond to the article cus they know it's the truth or they do respond to the article and down play it...Unfortunately, I don't believe the Republican Party will EVER "work with the President" like they should for the sake of the economy and the country. They are so dominated by the Far Right wing of their party that it almost seems like they do not care what happens to the country. To them their Ideology supersedes rationality and basic common sense governing that would benefit the entire world...I mean, let's take the debt ceiling for example. I watched Lindsey Graham say the republican party should stick to their guns and have the government shut down. They really want to jeopardize our credit rating AGAIN...I just don't get it. The debt ceiling should NOT be negotiated. This is something the President has said. He better stick to it and NOT negotiate with the republicans about the debt ceiling...I'm staying tuned because this issue is WAY more serious than the "fiscal cliff"...
And on that note, even in this climate I heard 155 thous jobs for the month. Just think what could be if they all worked together for us, instead of their own interests.
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