February 5, 2005

DODGED THAT ALBATROSS:

Jobs Report for January Disappoints (David Streitfeld, February 5, 2005, LA Times)

U.S. employers added a net 146,000 workers in January, the government said Friday, a tepid showing that underwhelmed economists and reinforced concerns about the slow pace of job creation.

Still, the uptick was large enough for President Bush to avoid becoming the first president since the Great Depression to see a net decline in jobs during a term in office.


& in twenty or thirty years, when economists start to catch up to the dynamics of the new economy, it'll turn out he added more than anyone but Bill Clinton.

Posted by Orrin Judd at February 5, 2005 7:50 AM
Comments

But Clinton's job bubble burst.

Posted by: Bartman at February 5, 2005 8:19 AM

Looking back (5 years later), it seems pretty certain that a fair portion of the "tech" jobs added from 97-99 were related to Y2K and also to the Telecommunications Act of 1996.

So we should thank Father Time (or IBM), and John McCain?

But the changes of the past few years will eventually force the government to more correctly account for job growth (like including the self-employed). Don't expect the press to use the better numbers (unless a Democrat is in the White House).

Posted by: jim hamlen at February 5, 2005 9:52 AM

Politicians create jobs? Since when? Did the introduction of the cell phone, the PC, the internet and the Y2K hysteria have anything to do with it? Bill Clinton? Please. After the technological revolution all the state can do is get out of the way. The current deflationary era is marked by a couple of blatant exceptions: the cost of government, the cost of medical care and the cost of education. Imagine that. Successful leaders have a vision which has, historically, placed faith in the ability of free people to create wealth through improving the lives of their fellow citizens. It is a dynamic view which is the antithesis of all of the statist nonsense which has destroyed many of the opportunities Americans once took for granted as a reality rather than rhetoric. President Bush is trying to recreate that environment incrementally with as little shock to the system as possible. A true conservative grounded in the principles of classical liberalism. He seems to be marginalizing the "progressives" without them even noticing. An amazing politician. Bill Clinton is a piker in comparison, a blowhard versus a leader.

Posted by: Tom C., Stamford,Ct. at February 5, 2005 1:46 PM

Headline on page 1 of the Business Section (Charlotte Observer) today: "January Job Growth Lethargic". Follow-up header on page 3: "January job growth clinches net job gains for Bush".

Schizophrenic, indeed. And no mention of the fact that January is a very difficult month to gauge, given all the seasonal hiring in December.

Posted by: jim hamlen at February 5, 2005 9:57 PM

Tom:

Government had a bit to do with the Internet, y2k hysteria, etc.

Posted by: oj at February 6, 2005 8:24 AM
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