Job Creation, or Not So Much?
I did a piece for The American magazine about President Obama’s claim to have created massive amounts of jobs in 2010. This chart speaks for itself.
That’s the monthly change in total employment over the last ten years. The past year doesn’t look like something I would advertise if I were the president. After a few months of job growth between January 2010 and May 2010 (total growth: 1 million jobs), the last four months have been bad for total employment. In June, employment decreased by 175,000 jobs, in July by 66,000 jobs, in August by 57,000, and in September by 95,000 jobs. That is a total loss of almost 400,000 jobs.
Interestingly, these jobs losses were concentrated in the public sector. This probably explains why these days Democrats only highlight the private sector when they talk about job creation. I have already mentioned this very misleading video by Austan Goolsbee, chairman of the White House Council of Economic Advisers. (NB: President Bush’s job legacy includes a big burst in government employee hiring — more than 1.7 million government employees were added to the government payroll during Bush’s two terms.)
The whole piece is here.