But seriously. 288,000 jobs, 5th straight month of 200,000 or more added jobs, unemployment back down to 6.1%.
We still took dramatic damage since 2001 and 2008 that has not been repaired. We are still crippled by debt. Taxes for wealthy people are still too low. Spending on infrastructure is still too anemic. Jobs still pay less. Who knows, maybe if Republicans in Congress hadn’t obstructed Obama for the past six years solid, maybe things would have improved a lot more—though Obama did not exactly try nearly as hard as he should have.
Bottom line, economies recover sometimes just because they do. But the political bottom line is, for better or worse, whoever is in office when something happens, they get the credit or blame.
Of course, just because Fox can’t find anything bad to say, doesn’t mean they give Obama any credit at all—a search of their main article on the story or other articles shows they do not mention Obama once, even indirectly, alongside good economic news. The opposite holds for bad news, naturally.
On a related topic, Obama shows promise to finally dig himself out of the hole that Bush dug for him. In the past, it has been a reliable fact that job creation under Democrats has been better than under Republicans—so consistently so that the poorest-performing Democrat (Kennedy) did better than the best-performing Republican (Nixon).
Obama’s problem: In his first year, his performance was crippled by Bush’s disastrous recession. Although Obama immediately turned job prospects around for the better, he still had to pull up out of a record-breaking dive. In that first year, 4.3 million jobs were lost. No fault to Obama, as I said, but he gets those losses put onto his portion of the ledger.
As it turns out, with the latest reports factored in, Obama has added a total of 4.8 million jobs net—and more than 9 million jobs if you don’t count the first year. Which is more fair—Obama only improved things, he did not create the abyss he dragged us out of. Obama’s record looks even better when considering that Republicans in Congress not only obstructed but did everything they could to sabotage things, up to and including the debt default threat, which did serious damage.
Compare this with Bush, who only added a net of 1.1 million jobs over 8 years. More fairly, if you count from February 2002 to January 2010, assuming it takes a year for one’s policies to get started and wind down, Bush lost 1.3 million jobs. But the official record, however undeserved, is +1.1 million.
Obama has overseen job gains of 1.4 million in the past 6 months alone, and 2.5 million in the past one year.
Alas, even at that rate, by the time he leaves office, he will only have added only an additional 7 million jobs or so—maybe a total of 12 million jobs added, net, over his eight years. That would probably end up being only a 1.1% average increase over his term, placing him of Ford or Coolidge territory.
Sadly, even if you don’t count that first year of climbing out of the hole, his yearly average job creation would only reach about 1.8%, still below Reagan (2.1%) and Nixon (2.2%).
Unless job creation really takes off and we regularly see numbers over 300,000 until January 2017, Obama will break the trend of Democrats always performing better than Republicans.