Job Creation: a 10 Year Retrospect.

[HughBeaumont]

All statistics are from the period starting in January 1999 (which reflects job numbers from December 1998) through the present day.

Average amount of overall monthly job creation: 33,425 jobs per month.

Average estimated amount of monthly jobs needed to keep up with incoming/outgoing workers, birth/death, production, etc. 150,000 jobs per month.

Amount of months American economy has achieved the 150,000 monthly job requirement during this 10 year period: 32 out of 127 months (25%)

Best average monthly job creation year during 1999-2009: 1999 (average of 202 thousand jobs created per month)

Last time 150,000 per month requirement was achieved by American economy: November 2007 (166k).

Longest stretch during 1999-2009 that American economy has failed to achieve the 150,000 per month requirement: March 2001 through March 2004.

Average amount of jobs created in the American economy per month for the period January 2001 through December 2004: 8,312/month. That would be 141 thousand jobs short of requirement each MONTH. So much for the whole “tax cuts for the rich = jobs, jobs, jobs” argument.

Last time American economy produced a positive jobs number: January 2008. July 2009’s numbers marked 19 straight months of job losses.

Best year of job creation during the Bush Administration: 2004 (151 thousand jobs created per month on average. 2004 was an election year, by the way)

Worst year of job creation during the Bush Administration: 2008 (111 thousand jobs lost per month on average)

So . . . what can be surmised from these pitiful numbers?

[unpossibles]

1. that the economic mess we're in is all Obama's fault?

I kid, I kid!

What it proves is that the rightwing teabaggers are, in fact, morans.

[HughBeaumont]

2. It's laughable, really.

Maybe taxes on the rich need to be eliminated altogether. Then, with all that spare wealth on top of their already gifted wealth to their name, they'll start hiring again . . . right? :sarcasm:

[ClearPresentDanger]

3. K&R, good info

and it doesn't even tackle the declining wages during that time...

[HughBeaumont]

4. This journal entry covers that.

http://journals.democraticunderground.com/HughBeaumont/86

I refer to this one a lot because I feel it's important to see just how badly Americans are getting screwed on pay. It's galling that our economists insist American wages are too much, prompting corporations to offshore jobs. It's all an effing LIE.

And when wages decline or remain stagnant, what do you do? You take on more debt to make up for the cost of living your wage isn't meeting.

[HughBeaumont]

5. Kick for the night crew.

:kick:

[crickets]

6. Not a surprise this is so damning of Bush's economic policies.

If you could call them "economic policies"... Where did you get the numbers, btw?

[HughBeaumont]

7. Bloomberg app at work.

Tallied them while waiting for this month's jobs report.

Job creation (or the severe lack of) hasn't been problematic just these past 20 months. This is an ongoing, decade-long nightmare that involves many corporations, political enablers and their lousy, incredibly cement-headed and selfish ways of doing business. It also needs to be addressed if there's to be any hope of a real recovery.

[truedelphi]

8. But who will address this? We are told continually

By people in both parties that we are no longer a nation that manufacturers anything, and that we should have better things to do. (?!?)

While running fo rhte nation's highest office, both Sen Clinton and Sen Obama wanted plenty of H1B visas, to the detriment of the older Silicon Valley workers. Obama being in office has not done anything to change any of this.

People in this country are not aware of the fact that it is not about education, multiple degrees etc. As long as the brain drain is from this country to the Pacific rim and Asian countries, we are screwn. When people with science degrees, often more than one and often at the Master's and above level, are laid off as research labs go overseas etc, what good is any amount of training?

Hopefully some of this, at least in the bio technology field will be reversed, now that the stem cell research ban has ended.

[truedelphi]

9. +1 for all this great work. n/t

[many a good man]

10. "Private sector added virtually no jobs during the last 10 years"

This is the most amazing statistic of them all! Kudos to girlgonemad for posting this last Saturday: http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=68585

Talk about epic failure of capitalism - all job growth during the Bush years was from government employment.

I'd say this constitutes an enormous crisis.