By Patricia L Johnson
Calendar year 2014 turned out to be a banner year for nonfarm payroll employment a.k.a. job creation in the United States, with a total of 2,952,000* jobs created, or an average of 246,000* jobs created per month.
President Obama’s record on job creation is truly remarkable considering the fact he has has received virtually no assistance from Republican members of Congress in this particular area. On a comparative basis the best year President George W. Bush had on job creation was calendar year 2005, with a total of 2,506,000 jobs created.
What is totally mind boggling is the fact it took each and every one of the following laws to stimulate the economy enough to create the 2.5 million jobs in 2005; Economic Growth and Tax Relief Reconciliation Act of 2001, PL 107-16, Job Creation and Worker Assistance Act of 2002, PL 107-147, Jobs and Growth Tax Reconciliation Act of 2003, PL 108-27, and American Jobs Creation Act of 2004, PL 108-357.
No new stimulus packages were signed into law during calendar year 2005, resulting in a drop in job creation from the high of 2,506,000 in 2005 to 2,085,000 in 2006 and, as we already know, job creation continued to spiral downward each year thereafter; with major job losses and the worst recession in the history of the country.
2014 was the sixth year President Obama was in office while 2006 was the sixth year President Bush was in office. Both faced early recessions during their terms of office and both were able to obtain economic stimulus packages, with President Obama benefiting from the American Recovery and Reinvestment Act, PL 111-5, signed into law in 2009 and fighting tooth and nail for any other bills passed.
During their sixth year in office the policies of President Bush ended up creating 2.1 million jobs for the year, while President Obama’s policies ended up creating 3.0 million jobs for the year, or a difference between the two of 867,.000 jobs for one year.
It does not seem as if it should take a rocket scientist to figure out which policies work as far as jobs, so it should be safe to assume that Republicans, as a whole (based on historical facts on job creation) know little or nothing about creating jobs, so why were so many of them voted into office in this country in the mid-term elections? There is every possibility we may end up with a Republican president after the 2016 election so what happens then? Do we go from having the worst recession in the history of the country to having the worst depression in the history of the country? Obviously something to think about!
*Preliminary numbers are included for both November and December 2014 so this figure is subject to change.
© 2015 Patricia L Johnson