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Gender: Do not display
Hometown: South - Carolina and Dakota
Home country: Oz
Current location: Kansas
Member since: Mon Nov 15, 2004, 04:30 AM
Number of posts: 37,573

Journal Archives

The Republican Recession and the Democratic Recovery (updated again)

So I made the mistake of watching Michelle Bachmann.

She continues to push trickle down economics and to ask "where are the jobs?"

Well the first question needs to be, where did the jobs go?

The answer to that is that they went away in Bush's last year in office. Basically Bush trickled them down his leg. This is perhaps my 4th update and the BLS keeps changing their numbers. So, if you are keeping score, the numbers will not be exactly the same as the last update http://www.democraticunderground.com/10021566043

Why the numbers from 2008 should change between 2010 and 2014 is a mystery to me, but presumably the latest numbers are more accurate than the earlier numbers. These are the job gains (or losses) by quarter.

First, the Republican recession, a very severe one

1st (150,000)
2nd (570,000)
3rd (945,000)
4th (1,952,000)

total (with Bush as President) (3,637,000)

1st (2,319,000) note - Obama was sworn in as President and the stimulus passed in the middle of this quarter
2nd (1,528,000)

total (in Obama's first five months in office (3,847,000) Clearly NOT the result of Obama policies.

Then the Democratic recovery (starting by slowing the freefall)

3rd (794,000)
4th (411,000)

total of the last half year (1,205,000)

That the economy was no longer losing 1,000,000+ jobs every quarter is a very positive thing. The economy was in free fall and the stimulus was like a parachute. When you open a parachute, you keep falling, but at a much slower rate so that the landing does not kill you. But things kept getting better for the economy.

1st +101,000
2nd +620,000
3rd (166,000)
4th +467,000

total 2010 + 1,022,000

1st + 470,000
2nd + 628,000
3rd + 435,000
4th + 570,000

total 2011 + 2,103,000

1st +787,000
2nd +324,000
3rd +456,000
4th +626,000

total 2012 +2,193,000

1st +622,000 (-15,000)
2nd +547,000 (-22,000)
3rd +502,000 (+27,000)
the next is mostly provisional (estimates)
4th +575,000 (-15,000)

total 2013 +2,246,000

The numbers in parentheses there are the number of JOBS that governments CUT. Showing that Republican austerity policies are STILL a drag on the economy.

So 7.5 million jobs in the last four years. As Governments have CUT 766,000 jobs since May 2009. The private sector then has added 8.3 million jobs.

If our economic policies were more sane, we would have worked to KEEP those 700,000 government jobs. When somebody gets a job for the government, whether as a postal carrier, teacher, firefighter, garbage collector, food inspector, or whatever, even a janitor like me, they not only provide services to the public, but their paycheck allows them to spend money in the private sector. Which creates, or supports, even more jobs.

But if those jobs are cut, that is another drag on the recovery.

Of course, it is true that 7.5 million new jobs still does NOT equal the 8.7 million jobs that Bush (and Bachman's) policies trickled away in 2008 and 2009. Bachman kept saying "In the last seven years" as if Bush was not President seven years ago (to our great misfortune).

We are slowly recovering from a Republican jobs catastrophe. We'd be recovering even better if not for the catastrophe of November 2010 which gave us a Republican Congress.

I will say this again, every three months, until November. And if you are still reading this, thanks for staying with me.

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