Yesterday, I looked at aggregate numbers of job creation between presidents Bush and Obama. Today, I am looking at the number of private jobs created during president Bush eight years and compare it to the number of jobs created under president Obama to see how inaccurate is Florida congresswoman Debbie Wasserman Schultz’s claim that President Obama is on pace to create more jobs in 2010 than President Bush did in his eight years of office.
The chart below shows the monthly changes in private sector jobs between January 2001 and January 2009. I think this chart is stunning in various way. Interestingly, if we leave out January 2009 from the calculation, president Bush net private job creation is positive (133,000 net jobs). Also, this chart shows that during the Bush years, the country went through two recessions. I never realized how bad the first recession was until I looked at the data. In the first, year and a half, 3.4 million jobs were lost.
Overall, during president Bush’s eight years in office, 7.6 million jobs were created. As I mentioned yesterday, the net number is negative, mainly because of the overwhelming number of job losses during his last month in office. So far, under president Obama’s tenure, some 938,000 jobs were created (after losing 3.2 million private jobs.) And it could get worse. According to the front page of the New York Times today:
Less than a month before November elections, the United States is mired in a grim New Normal that could last for years. That has policy makers, particularly the Federal Reserve, considering a range of ever more extreme measures, as noted in the minutes of its last meeting, released Tuesday.[ … ] Even top Obama officials concede the unemployment rate could climb higher still.
The main conclusions from this data is that the claim by congresswoman Debbie Wasserman Schultz that Obama has almost created more job than Bush is totally inaccurate but maybe more importantly, it shows that the 21st Century has not be a good one so far for the private sector.