The Bush Economic Record:
Fewer Jobs, Falling Wages and Longer Periods of Unemployment

In January 2000, when President Bush took office, there were 111,622,000 private sector jobs in the US. Projected numbers for January 2005 are 110,862,000, a net loss of 760,000 private sector jobs. In comparison, in January 1997 there were 101,639,000 private sector jobs -- meaning 9,983,000 were created during President Clinton's second term of office.

As other analysts have pointed out, the recession can no longer be used as the whipping boy for this abysmal economic performance: it's been over for three years.

Most news reports of job data report on total payroll, which includes government jobs. In fact, about 25 percent of January's job growth (seasonally adjusted) was outside the private sector.

Moreover, many of the jobs being created are in low-wage, low-benefit sectors of the economy: couriers and messengers, food service, temporary help and retail. The BLS said 25,000 manufacturing jobs were lost in January.

Economists had predicted predicted 200,000 new jobs would be created in January; the total was 146,000, and December data were again revised downward (almost a routine action). The economy needs about 150,000 new jobs each month to keep pace with the number of new workers entering the marketplace.

See Bureau of Labor Statistics data; requires Java-capable browser; Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan administration

This "recovery"

• GDP growth has been exceptionally weak. The 2.5% annual rate (as of 1^{st quarter 2004) is one of the lowest during any Presidential term since World War II.}

• Employment is lower today than when Bush took office. Hoover was the last President to preside over an economy with net job losses.

• The average duration of unemployment is one of the longest since the Great Depression. The early 1980s, when the unemployment rate was 10%, was the only other time workers went without work for so long.

• There has been an unprecedented decline in labor force participation. If the participation rate had not fallen, the unemployment rate would have averaged over 6.5% during President Bush’s term.

• When compared with other recoveries, in the 10 quarters since the recession ended (4th quarter 2001 – 2nd quarter 2004), wages and salaries as a share of total national income growth have never been lower (15.1%). Profits as a share of income growth are at a record high (46.9%).

Sources: www.Economy.com   Center on Budget and Policy Priorities

The Bush Economy: Low Wages, Low Standards »

The Straight Truth About the Bush Economy »

Bush’s Tax and Budget Policies Fail to Promote Economic Growth

By John Irons and Lee Price
February 16, 2006

Joint report from the Center for American Progress and the Economic Policy Institute.

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The economic evidence is clear: the president’s tax changes have not worked to improve the health of the economy. Business investment, employment, and wages have all underperformed past recoveries.  Furthermore, the choices made in the president’s budget put at risk the future health of the nation by running massive deficits and by cutting back on important national investments in education, science, and energy.

http://www.americanprogress.org/site/pp.asp?c=biJRJ8OVF&b=1425171