Economic Facts By Numbers

The Labor Department's report released on January 9, 2008 is another sad reminder that the economy is still suffering with no end in sight.  The unemployment rate in December jumped to 7.2%, up from 6.8% in November, the highest in 16 years.  The economy lost 524,000 jobs in December and employers are also cutting workers hours and forcing some into part time work.  The average work week in December fell to 33.3 hours, the lowest on record since 1964.

 

For all of 2008 the economy lost 2.6 million jobs, the most since 1945 and job losses occurred in every month in 2008.  The recession is in its second year and is the longest in 25 years.  During George Bush's 8 years in office only 3 million new jobs were created.  That's an average of 1.5 million jobs per term.  His father's administration created 2.5 million new jobs in his only term in office. 

 

When it comes to a sustained economy and job creation the numbers prove "trickle down economics" that the last 3 republican Presidents embraced has been a failure.  Reagan, Bush 41 and Bush 43 served a total of 20 years that produced a total of 21.6 million new jobs.  By contrast, President Clinton in only 8 years produced a total of 22.7 million new jobs.  President Clinton had a true economic plan to sustain the economy, job creation and balance the budget.  His administration accomplished all that with out one republican vote.

 

Make no mistake the lack of a true economic and fiscal policy and the massive debt created by those 3 republican Presidents is the number one reason the economy is where it is today.  The facts tell the story and Mr. Bush's failure to properly use the record surpluses that he inherited from the Clinton administration was a tragic mistake by a President who governed by ideology.