It’ election time, so job growth numbers will be tossed about by candidates and news sources. One number you will hear repeated is that private sector employment is 4.7 million less than it was in January 2008. Of course, that’s the number and jobs problem Obama inherited from George Bush.
Overall job growth during Bush’s eight years in office provides no reason to think that Republicans have some special formula for increasing employment. Private sector employment over 8 years decreased by 170,000 jobs. The number of jobs created per month between 2004 and 2008 is similar to recent job growth under President Obama. To repeat my point: Republicans have no magic solution. With their fixation on solving the deficit problem through budget and tax cuts for the wealthy, economic activity will decline because of the reduced federal budget.
My last graph shows how unlucky President Obama has been. Nearly all of the effects of the recession were felt during his first two years of his term. That’s real bad luck.