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Tuesday, January 03, 2006 

Faith Based Economy / Job Growth WORST in 50 Years

I don't have much time to post today but i wanted to pass on this diary from Boondad.

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.

Read analysis and the rest of the article here.

I'll try to post a little more later today, maybe while Sophie is napping :-)