The economy was supposed to be an Achilles heel for Barack Obama and the Democrats in the upcoming election. Unemployment is still high at 8.1 percent. The debt ceiling is even higher with deficits and planned deficits that exceed one trillion dollars a year.
But then suddenly, the Bloomberg Government released a study that provides a huge boost, not only for President Obama, but for Bill Clinton, Jimmy Carter, and the Democratic Party as a whole. Job growth in the private sector has been more successful over the past 51 years under Democratic administrations than it was under its Republican counterparts. And not by a little bit. Despite the fact that Republicans have occupied the White House for 28 of the past 51 years, almost twice as many private sector jobs were created when Democrats occupy the Oval Office.
When Mitt Romney criticized this month's disappointing job numbers, I pictured him uttering those words in a presidential debate, standing on the same stage with President Obama, only to be greeted by this cool response from his opponent: "I'm glad you brought that up. Let's look at the numbers..."
As Bob Drummond wrote the other day on the Bloomberg website:
The BGOV Barometer shows that since Democrat John F. Kennedy took office in January 1961, non-government payrolls in the U.S. swelled by almost 42 million jobs under Democrats, compared with 24 million for Republican presidents, according to Labor Department figures.
Through April, Democratic presidents accounted for an average of 150,000 additional private-sector paychecks per month over that period, more than double the 71,000 average for Republicans.
Bill Clinton was the most successful job creator. During his eight years in office:
On a monthly basis, Democrat Bill Clinton averaged 217,000 new private-sector jobs. Democrat Jimmy Carter had an average of 188,000, followed by Republican Ronald Reagan’s 153,000, according to Labor Department data.
Who would have thought that Jimmy Carter's administration would have averaged 35,000 more new private-sector jobs per month than Ronald Reagan's did?
And that after eight years of George W Bush, who lost 6700 jobs per month during his time in office, President Obama would be able to say the following:
“Our businesses have now created more than 4.2 million new jobs over the last 26 months -- more than 1 million jobs in the last six months alone,” Obama said at a May 4 event in Virginia.
Through April, private employers have added an average of about 900 jobs per month since Obama’s inauguration.
See my WSO blog