Job Creation: Tale of Three Presidents
Job creation is the #1 issue in the 2012 U.S. presidential elections.
Though influential, no president ever has nor ever will have the power to create jobs at will. That province will always remain within the undirected private sector loosely assisted by the U.S. Congress and The Federal Reserve.
A review of the job creation records of the last three presidents – Bill Clinton, George W. Bush and Barack Obama – documented by the Bureau of Labor Statistics proves beyond a shadow of doubt that presidents cannot control job creation.
Looking at the last 3 president’s job creation records, more than anything else, shows that bipartisan efforts are necessary to dig the U.S. out of it’s current economic pickle.
Bill Clinton 1993-2000
Sandwiched in red between two different Bush presidents, these two charts show the total number of Americans employed and total number of jobs created from the year just before to the year just after President Clinton assumed office.
Democrats have every reason to be proud of President Clinton’s record of job creation. During his administration there were over 19 million total real jobs created in this country at a record pace of 2.4 million jobs per year.
As can be seen, job creation was way up even in the first year under Clinton after George H.W. Bush.
But because of the collapse of the tech bubble at the end of Clinton’s Administration nearly 3.5 million worth of American jobs growth was totally lost in the first year of George W. Bush’s Administration. That is huge.
It is not as much as President Obama experienced his first year in office, but not far removed from that.
George W. Bush 2001-2008
George W. Bush had a much more difficult economic experience than did President Clinton.
George W. entered office at the beginning of the tech bubble collapse and his presidency ended at the beginning of the housing bubble collapse.
That is tough for any president to deal with.
Of the three presidents, George W. had the most complex set of economic issues to handle.
George W. implemented across-the-board tax cuts for all Americans in 2001 and more in 2003 to combat the tech bubble collapse.
Today, unfortunately, those tax cuts have been politicized by the Obama Administration into the so-called “tax cuts for the rich” for pure partisan electoral purposes.
The severe housing bubble collapse at the end of the Bush Administration threatened a modern day Depression.
Barack Obama 2009-2011
President Obama entered his presidency under the most difficult of circumstances.
The housing bubble collapse at the end of the Bush Administration was the most severe economic calamity suffered by the United States since the Great Depression of the 1930s.
The Obama administration wisely continued the TARP program that ultimately prevented a modern day 1930s-style depression.
TARP got politically vilified by both the Tea Party Movement and later by the Occupy Movement.
Unfortunately, Obama jumped on the TARP vilification bandwagon and blamed it and the ultra-rich for everything.
Obama got ARRA, the so-called “stimulus” package, passed and signed into law within one month in office.
Ignoring the 5.5 million jobs lost in 2009, ARRA has created a net gain of -8,000 jobs as of December 2011!
Looking closely at the circumstance and actions of the last three presidencies, it becomes obvious that the economic policies of any president, Democratic or Republican, cannot ideologically control nor define policy necessary to recover the U.S. economy in its current condition.
It will require us, the American voters in 2012, to direct this nation through our votes for President and for U.S. Congressmen and for state governments to set this nation, as best we can, back on a course of fiscal recovery.
Take that responsibility seriously. Your decedents depend on it.