Posts Tagged ‘graphs
Derek Thompson: Here’s What Obama’s ‘Part-Time America’ Really Looks Like
Like a bad summer-pop earworm, some economic ideas get stuck in our heads for no good reason and refuse to go away. Take, for example, the remarkably durable myth that Obama has presided over a “part-time economy,” where full-time work has been devastated by his relentlessly anti-capitalist policies. The Atlantic has done our best to bust this myth, but there’s no killing some summer earworms, and so, like a particularly terrible Top 40 DJ, here comes Mort Zuckerman, spinning the old track on the Wall Street Journal op-ed page. It’s impossible to briefly sum up Zuckerman’s argument—”The Full-Time Scandal of Part-Time America”—which is a collage of bad stats and randomly drawn lines of causality.
Derek Thompson (@DKThomp) July 14, 2014
The gist is that the U.S. economy only makes part-time jobs now, and Obamacare is hastening the demise of full-time work. The easiest way to fact-check the claim that part-time work is rising is to measure Americans working part-time who want to work full time—i.e. “for economic reasons.” 1) Most people working part-time want to work part-time because they’re in school, or they’re raising kids, or they consider themselves mostly retired. Don’t pay attention to anybody who’s using the number of stay-at-home dads and moms to argue that Obamacare is destroying full-time work. The president’s critics love this talking point. But since 2010, full-time jobs are up 7.6 million, and part-time jobs have declined by more than 900,000.
Jared Bernstein: …. Republicans constantly ply the talking point “discredited stimulus” in the interest of blocking any similar ideas … but the evidence shows the stimulus worked, but ended too soon, before the private sector was ready to walk on its own. The evidence shows we need to do more of these sorts of policy interventions.
…. The first graph shows the growth in real gross domestic product (GDP) from 2007 up until the last quarter. The next picture shows job growth over the same period in both the total job market and excluding government jobs, since the temporary influx of Census working in 2010 distorts the overall series for a few months.
…. they a) present remarkably compelling evidence against the “failed stimulus” case, and b) show that we need to do more of these types of interventions.
…. As the stimulus fades, the positive trends begin to falter: both GDP and job growth slow significantly, and unemployment stagnates at a highly elevated level.
The message of these three simple graphs is itself disarmingly simple: the stimulus worked. It prevented recession from becoming depression. It just ended too soon.
And that’s why the President’s new jobs agenda is so damn important.
Full post here
Steve Benen: ….Mitt Romney continues to argue that President Obama inherited an economic mess, but made matters “worse”. When that was fact-checked, and proven false, Romney said it again. I’m curious about how Republicans explain what transpired in 2009, immediately after the stimulus took effect. Here, for example, is a chart showing private-sector job losses per month in the year before President Obama took office:
…the month Obama was inaugurated, America’s private sector lost a remarkable 841,000 jobs. That was just in one month … So, take a look at what transpired over the first 14 months the president was in office:
This shows private-sector jobs only, so it’s not skewed by Census jobs. Obama took office, the stimulus took effect, and the job market quickly improved. What I’m curious about is how Republicans explain this … is it possible that all of that spending actually made things better?
Full post here
Democratic Leader Nancy Pelosi: “Today’s jobs report provides evidence that the policies of the Democratic-led Congress are helping to create jobs and revitalize our economy – adding more jobs in 2010 than President Bush did over eight years. With so many Americans still looking for work, now is not the time to reverse course.
“Republicans must join Democrats in focusing on putting people to work, instead of making their top priority repealing critical patient protections, putting insurance companies back in charge of the health of the American people and blowing a $230 billion hole in the deficit.
“Building on the progress of the December jobs numbers – marking the last full month of Democratic leadership of the House – we will continue to measure every proposal by whether it creates jobs, strengthens our middle class, and reduces the deficit.”