Contrafactual, otherwise every major recession wou
Post# of 127687
(Total Views: 169)
Posted On: 04/14/2020 9:07:17 PM
Contrafactual, otherwise every major recession would not belong to the GOP and new job creation would not belong to the Dems.
Which President Created the Most Jobs?
https://www.thebalance.com/job-creation-by-pr...nt-3863218
12 Presidents' Jobs Creation by Number and Percent
06 Barack Obama (2009-2017): Special Mention
President Obama created 8.9 million jobs by the end of December 2016, a 6.2% increase. There were 152.3 million people employed at the end of his term. That's compared to 143.4 million working at the end of the Bush administration.
But that doesn't give the total picture. The economy lost 8.5 million jobs as a result of the 2008 financial crisis. It kept shedding them until December 2009. Since that low point, Obama created 16 million jobs, an 11.6% increase. If measured that way, Obama was the third-largest job creator in terms of numbers.
Obama attacked the Great Recession with the American Recovery and Reinvestment Act. It created jobs through public works. Many of those jobs were in construction. That successfully reduced the unemployment rate. But that meant Obama increased the debt by $8.6 trillion, a 74% increase. That drove the debt-to-gross domestic product ratio to 104%.
It didn't stimulate demand as much as creating the same number of better paying high-tech jobs. In fact, jobs created after the last few recessions have led to greater income inequality, as rehired workers became willing to take jobs that paid less. The high level of long-term unemployed and underemployed meant that trend only continued.
Job creation would have been stronger during Obama's term if Congress hadn't passed sequestration. In his last FOMC meeting, Federal Reserve Chairman Ben Bernanke noted that these austerity measures forced the government to shed 600,000 jobs in four years. In the prior recovery, the economy added 400,000 jobs during the same period.
Which President Created the Most Jobs?
https://www.thebalance.com/job-creation-by-pr...nt-3863218
12 Presidents' Jobs Creation by Number and Percent
06 Barack Obama (2009-2017): Special Mention
President Obama created 8.9 million jobs by the end of December 2016, a 6.2% increase. There were 152.3 million people employed at the end of his term. That's compared to 143.4 million working at the end of the Bush administration.
But that doesn't give the total picture. The economy lost 8.5 million jobs as a result of the 2008 financial crisis. It kept shedding them until December 2009. Since that low point, Obama created 16 million jobs, an 11.6% increase. If measured that way, Obama was the third-largest job creator in terms of numbers.
Obama attacked the Great Recession with the American Recovery and Reinvestment Act. It created jobs through public works. Many of those jobs were in construction. That successfully reduced the unemployment rate. But that meant Obama increased the debt by $8.6 trillion, a 74% increase. That drove the debt-to-gross domestic product ratio to 104%.
It didn't stimulate demand as much as creating the same number of better paying high-tech jobs. In fact, jobs created after the last few recessions have led to greater income inequality, as rehired workers became willing to take jobs that paid less. The high level of long-term unemployed and underemployed meant that trend only continued.
Job creation would have been stronger during Obama's term if Congress hadn't passed sequestration. In his last FOMC meeting, Federal Reserve Chairman Ben Bernanke noted that these austerity measures forced the government to shed 600,000 jobs in four years. In the prior recovery, the economy added 400,000 jobs during the same period.
(0)
(0)