More on Jobs

My last post talked about job growth and how downsizing in the public sector is hurting unemployment and the overall job picture in the US. So I took a look at some comparative data between recent administrations and it is compelling.

Looking at growth in the private sector we see a slow but continuous growth, 29 straight months of private sector job growth, the economy has created 4.5 million jobs that didn’t exist in January of 2009, including 172,000 new private sector jobs in July and 1.1 million generated in 2012 alone. [1] Unfortunately it has come after the substantial losses in 08-09 and the early months of 2010. Since then there has been only gains.

Monthly Change in Total Private Employment, February 2008 – July 2012. Source: Bureau of Labor Statistics, Current Employment Statistics Program.

Best news has been the reaction; everyone loves it including the market with three consecutive days of gains. Well almost everyone that is. “Conservatives” not in office but trying to get there are unhappy…looking for the lump of coal instead of the value for our country. (update…let’s make that 4 days of gains)

    But again lets take a look at the public sector. Here is a comparison chart of the Bush/Obama years with both public and private sector jobs. Growth of the public sector during the Bush administration was astounding for a “conservative”. Again the Laffer/Moore comment “Sadly for fiscal conservatives, the biggest surge in government spending came during the last two years of President George W. Bush’s eight years in office (2007-2008).” [2} which I blogged on 4 Aug becomes even more apparent.

Remember; don’t believe all the cute sound-bites on TV, check some facts. Yes they can disagree, but the discussion can be so much more than a shouting match between parties, PACS, and expensive anonymously funded ads.

[1] http://www.natlawreview.com/article/july-job-growth-exceeds-forecasts

[2] Arthur Laffer and Stephen Moore wrote an op-ed in the WSJ titled Obama’s Real Spending Record

 

3 thoughts on “More on Jobs

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