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.
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.
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