Affordable Care Act, Barack Obama — October 3, 2014

FUN FACT: More net jobs have been created under Obama than both Bushes combined

by

Obama Northwestern

The economy under President Obama seems difficult to defend — unless you put it in context.

The president attempted to do that on Thursday in a speech at Northwestern University:

Here are the facts: When I took office, businesses were laying off 800,000 Americans a month. Today, our businesses are hiring 200,000 Americans a month. The unemployment rate has come down from a high of 10 percent in 2009, to 6.1 percent today. Over the past four and a half years, our businesses have created 10 million new jobs; this is the longest uninterrupted stretch of private sector job creation in our history. Think about that. And you don’t have to applaud at — because I’m going to be giving you a lot of good statistics. Right now, there are more job openings than at any time since 2001. All told, the United States has put more people back to work than Europe, Japan, and every other advanced economy combined. I want you to think about that. We have put more people back to work, here in America, than Europe, Japan, and every other advanced economy combined.

America’s recovery has been nearly the best in the world — thanks largely to the stimulative policies embraced by Congress in 2009. But even the chief executive who championed those policies recognize that their benefits are not being widely felt.

“By every economic measure, we are better off now than we were when I took office,” he said. “At the same time, it’s also indisputable that millions of Americans don’t yet feel enough of the benefits of a growing economy where it matters most — and that’s in their own lives.”

Since the economy began growing again, the gains have gone almost entirely to the richest 10 percent. This isn’t a new phenomenon but one that’s gotten worse in recent years. Since Reaganomics took hold in 1980, most of our economic growth has gone to the richest Americans. which was exactly the point of Reaganomics. It was called Trickle Down but it should be known as Sucking Up.

So why has this recovery been so beneficial to those who need it the least?

George W. Bush’s tax polices play a role — of course. It’s only been since 2013 that we’ve gotten a taste of President Obama’s reversal of most of Bush’s breaks for the rich. And the most profound thing that this president has down to fight inequality — Medicaid expansion — just went into effect this year, along with new taxes on the rich, super rich and car elevator rich.

Higher taxes didn’t break the economy, as Republicans always pinky swear they will. Instead, job growth has improved dramatically as the rich have had to pay a bit more in taxes.

We gained about 88,000 jobs a month in 2010, 173,000 in 2011, 186,000 in 2012 and 194,000 in 2013. This year — thanks in large part to Republicans taking a break from shutdowns and debt limit crises to pretend they’re sane for the election — we’re averaging 215,000 new jobs a month.

President Obama hasn’t racked up the 18 million jobs created under Reagan or the 22 million under Clinton but the Obama economy has flown by an interesting milestone passed with no fanfare at all.

More net jobs have been created under Obama — 5,142,000 as of the August jobs report — than under George H.W. Bush — 2,637,000 — and George W. Bush — 1,282,000 — combined, according to the Federal Reserve Bank of St. Louis.

You should rightfully point out that crediting jobs created to a president exclusively is stupid. The president, Republicans argue, only deserves credit when he’s Ronald Reagan. Otherwise any Republican you can find in the Congress deserves all the credit. And when there’s a massive financial crisis — like the last two under Republican presidents — it’s polite to pretend such things are inevitable and not the result of conservatives in both parties abdicating any responsibility to regulate Wall Street.

The true test of President Obama’s economic policies is going on now as 10 million Americans have gained health insurance and we’re enjoying the best job growth in at least an decade. If this continues, he won’t have to make speeches defending his record anymore.

But if you’re looking for some context for now, just tell people we’re doing better than under both Bushes — combined.

  • Concerned50

    FUN FACT: More net jobs have been created under Obama than both Bushes combined. Vote Democrat if you want to make those jobs livable and
    sustainable. Vote Democrat to increase the minimum wage and establish maximum wage. established. Vote Democrat to establish paid sick and vacation days. Vote Democrat for family friendly work schedules. Vote
    Democrat to penalize employers for wage fraud. Vote Democrat to make our lives better and make the rich and corporations pay reparations for all the harm to America and the American people they have created.

    • Spot Ries

      corporations created the American people?

    • Ladder 1

      vote democrat for communism. Wake up man! Nobody is better off! People have lost most everything they have. Oh, and the only MONTH we lost 800,000 jobs was under Obama’s watch. You leftist clowns just cant get one fact right!

      • StateofReason

        The number of job losses had increased every month for the last several months of Bush’s term. The first month under Obama was 800,000. You have to be really desperate to blame Obama to claim that 800,000 was due to his policies. Since that month every subsequent month we’ve had decreasing losses leading into increasing gains. To claim the economy hasn’t improved dramatically under Obama is to completely ignore every possible measurement of the economy.

        Now, you can question whether Obama’s policies are responsible for that growth, and that’s a debate I’m happy to have, but to claim “nobody is better off” is such utter bullshit and so completely ignores reality you’re clearly not in a position to have a rational debate about it.

        BTW, to claim that Democratic policies are Communist shows a complete lack of understanding of both Democratic policies and Communism.

      • Old Top Kick

        You couldn’t define communism with a dictionary in hand. Keep drinking the tea, Sparky.

  • judyms9

    In spite of the GOP drag on the economy, congressional obstructionism, and cash hoarding, Obama has successfully moved the economy forward, making ours one of the healthiest on the globe following the great meltdown of 2008, and that despite the sequester.

  • Thinking voter

    Pull off the blinders-most Armericans are NOT better off with this amateur still in office. However, if you are on welfare, you are a happy camper. Yea, vote democratic & stay dumb & poor.

    • Proud Liberal

      Thinking voter my rosey red….
      WHAT, pray tell, would you do to fix the republican caused disaster? You wanna see blind, look at conservatives! They have nothing. They offer nothing. Wake up!

  • Todd D

    Fun fact – they are government jobs- and those created jobs were the ones lost – neither bush had to deal with 10-11% unemployment therefore, There were less people in labor pool . Fun fact – wages are down- which betrays your logic of job creation. Supply and demand , ever heard of it ?? More people not working means lower wages- employers market. Fun fact- more people on welfare than ever before – you liberals probably call welfare a job now !

  • Spot Ries

    ANYTHING THAT MAKES OBAMA LOOK GOOD IS A LIE! ANYTHING THAT MAKES HIM LOOK BAD IS THE TRUTH! BENGHAZI!

  • Ladder 1

    Things are so much better, there has not been a drop in welfare assistance since it hit its historic mark of 49 million people. Theshit you lefties say and BELIEVE is astonishing!

    • Old Top Kick

      Mostly in red states due to Republican policies that favor business at the expense of workers, such as union busting, and Republican refusal to raise the minimum wage. Keep drinking the tea, Sparky.

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