All told, the economy has added 763,000 private-sector jobs in 2010. For comparison purposes, note that the economy lost nearly 4.7 million private-sector jobs in 2009, and lost 3.8 million in 2008.What is not mentioned are these facts:
1. The '08 Jan - July saw only .9 million jobs lost. The 5 months of that year saw the serious loss of jobs that has typified the recession , a -2.9 million.
2. This chart, the creation of Steve Benen at Washington Monthly, does not offer an accurate overview of the jobs market. For example, the total of private-sector jobs created last month (July) is 67,000 but the net-net jobs market declined by 54,000 and it is this last number that really matters. Further, the jobs-market grows at the rate of approximated 125,000 needed positions a month because of population growth. Rather than adding 125,000 jobs just to stay "even" with population growth, the economy lost jobs.
3. Although Bush is not in view, he is mentioned by implication as Benen reminds us of the 3.8 million jobs lost under Bush during 2008. It is often pointed out that his Administration produced the fewest jobs of any modern day administration, something along the lines of 2.8 million jobs. People such as Benen forget to mention that the Bush economic scheme produced a record 52 weeks of consecutive growth in GDP and a average unemployment rate of 5.2% INCLUDING 2008. His debt to GDP ratio was at or under 40%, and for that reason alone, considered to be quite manageable.
Obama has increased the deb to GDP ratio to nearly 65% on its way to 80% !!! Real GDP was a minus 2.4% for all of 2009. Within two years, we will make annual payments to China largest enough to finance their entire 2010 military budget . . . . . . . . we are funding the Chinese Military. OF COURSE this is not all Obama's fault. But to pretend that his contribution is not significant is to lie to the American people.
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