An article at Powerline complains that…well, here’s the quote:
A year and a half ago, American was said to be in the throes of a “jobless recovery.” President Bush predicted that, with his tax cuts in place, the economy would continue to grow and we would see that growth reflected in substantial net job creation.
This turned out to be the case.
A little digging around shows that in that time period employment has risen by about 161,000 per month. If we assume that ‘net job creation’ means more created than destroyed, then that seems pretty substantial. If we factor in the approximately 150,000 jobs per month needed to keep pace with rising populations, however, then the real net comes down to 11,000 per month. With around 7.7 million people unemployed, an extra 11,000 is better than nothing I guess, but it’s going to take us a little over 58 years to cut the number of unemployed in half. Now I know that technically that means this isn’t a jobless recovery, but it’s certainly pretty close…