Comparing Job Creation of Obama vs. Bush

Criticize them both as much as you will from both sides of the aisle, Presidents Bush and Obama do have some similarities. Notably they both inherited recessions. And though the recession President Bush inherited was weaker than the recession President Obama inherited (though it was constantly claimed to be the worst economy in 50's years) a juxtaposition between the two presidents in terms of job growth is very interesting.

Upon inauguration in January, both suffered job losses, Obama more than Bush, but again in intellectual honesty due to the severity of the recession. And though volatile, changes in non-farm payroll jobs was less volatile under Bush than it was Obama. Despite the volatility both presidents are more or less neck and neck in terms of job creation (or rather "destruction") for their 29th month in office. Bush had at this point in his presidency resided over the loss of 2.6 million jobs, Obama 2.5 million. But note what happens after the 29th month under Bush. Job growth BOOMS.


This should be disconcerting for Obama and Obama cheerleaders because it is now put up or shut up time. And sadly, there are no more bullets left in his exhausted Keynesian elephant gun. Worse still, the extra 100,000 jobs came at a price of indebting the country to the point of insolvency. And worse than that is GW's economic boom was preceded by an expansionary fiscal policy that focused on tax cuts as opposed to spending.

In other words the ultimate show down between the two competing economic theories is about to occur. Keynesian vs. Austrian. Socialism vs. Capitalism.

Of course, it ultimately does not matter whether or not jobs are created because economics has largely become something of a religion. People want to believe in socialism. People want to believe in Barack Obama. People want to believe their "English" degree is going to land them a job. People want to believe in the Magic Job-Creating Unicorns. And so regardless of what happens, lessons will not be learned, intellectual honesty will not be adhered to and we will simply be condemned to repeat history.

Of course, the smart ones will enjoy the decline.