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http://zfacts.com/p/531.html
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| Source: BLS data and spreadsheet. |
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The problem is "Missing Jobs," not "Lost Jobs." Since January 2001, the economy should have added 7.9 million jobs according to the President's Council of Economic advisors. The prediction line shows what they believed in November 2001, when they thought Bush's tax cut policies would create enough jobs to put the job market back on track before the 2004 election.
The graph below, puts the top graph in more historical context to show that the economy adds jobs rapidly in normal times. As of April 2005 only 0.8 million had been added in 4.25 years (since Bush took office), while in the previous 20 years, which included the Reagan and Bush I recessions, and average of 2.1 million were added per year. See See missing job graph. See more Administration predictions and the long-run trend.
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| Source: BLS data and spreadsheet. |
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[=B See also: [=P=320|main 'jobs' page.==
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http://zfacts.com/p/531.html | 01/18/12 07:25 GMT
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