Call it bad luck, blame it on mismanagement, or maybe attribute it to an increased mission in recent years. Regardless, the United States lost 1,114 soldiers in Afghanistan since the start of January 2009; the month Obama became President. That is close to double of the 630 troops that were killed during the seven years-plus that the Bush Administration ran the war.
The Federal Deposit Insurance Corporation shuttered three banks this July 22 weekend, bringing to 58 the amount banks closed during 2011. This is more than the fifty banks closed during the eight years of the Bush administration. Two more banks were closed in the first half of January 2009 before Obama became President.
The 58 banks closed so far this year, is similar to the 57 banks closed the same time in 2009; yet better than the 101 banks closed this time last year.
In a Senate Floor speech on March 16 2006, Democrat Senate Leader Harry Reid explained that it is abnormal to suggest that raising the debt ceiling with trillions more in new debt will somehow help the economy. On that day, the US Debt was $8.27 trillion. These days, the US Debt stands at $14.32 trillion, an increase of six trillion dollars in less than six years, of which $5.6 trillion took place since Reid became Senate Majority Leader four and a half years ago. (US Debt increased by $2.55 trillion in the four and a half years before Reid became Majority leader)
Yesterday, July 20 2011, marked exactly two and a half years since President Obama came into office. Setting aside who or what is to blame, the raw numbers suggest that the nation’s debt deepened by more than $3.7 trillion since a day after Obama’s arrival, which makes it a monthly average of $123.9 billion. During the eight years of former President George W. Bush, U.S. Debt deepened by a total of $4.89 trillion, which is a monthly average of approximately $51 billion. During President Clinton’s eight years, the US Debt deepened by only $1.55 trillion, which is a monthly average of $16.18 billion in new debt.
These numbers will indeed be amusing to the political world that compares President Obama’s economy to the economy of President Carter, but during the four years that Carter was in office, the Private Sector Economy – which excludes government and farm jobs – grew by a strong 9.03 million jobs: From 65.63 million jobs in January 1977 to 74.67 million jobs four years later. (See table CES0500000001 at WWW.BLS.GOV). By comparison, the Private Sector economy lost 2.08 million jobs since the month Obama came into office, slipping from 110.98 million jobs in January 2009 to 108.95 million jobs in June of the current year.
To be fair to these analysts, 8.4 million of the nine million Carter jobs were gained in his first two and a half years in office. This means that besides for inflation and weak income battering Americans in the lead-up to the 1980 elections, job growth was weak too, thus the economy was not a Carter strong point.
Speaking of first (or only) terms in office, here are some other interesting stats of the Private Sector Job Market:
Nixon gained 4.16 million Private Sector Jobs in his first term.
Ford gained 1.34 million Private Sector jobs in his half term.
Carter – as written – gained 9.03 million jobs in his first term.
Reagan gained 5.34 million Private Sector jobs in his first term (the last two years actually had a net gain of seven million jobs, but due to the weak first two years, his first term net was 5.34 million jobs).
Bush 41 gained 1.46 million Private Sector Jobs in his only term (most of it in the “It’s the economy, stupid” year of 1992).
Clinton saw an explosion of 10.8 million Private sector jobs in his first term, and
Bush 43 actually lost 916,000 Private Sector jobs in his first term (losing 2.4 million in his first twelve months, but gaining a net of 1.83 million jobs in the last twelve months…)
Obama – as written – is as of now running at a minus 2.08 million private sector jobs.
The Private Sector Job market strength of recent Presidents in their first or only term in office runs in the following order: Clinton 10.8 million; Carter 9.03 million; Reagan 5.34 million; Nixon 4.16 million; Bush First 1.46 million; Ford 1.34 million; Bush Second, lost 916,000; Obama lost 2.08 million.