UPDATED — Reaganomics Vs. Obamanomics: A Total Rout (the Obama Economy Has LOST Jobs Since the Recession Ended)
Today, as part of its report on January’s employment situation, Uncle Sam’s Bureau of Labor Statistics reported its “Revisions to Establishment Survey Data.” The Establishment Survey is the portion of the BLS’s monthly report that deals with number of jobs added or lost. The process described is done annually.
Here’s the topside view of what happened as a result of BLS’s revisions:
The total nonfarm employment level for March 2010 was revised downward by 378,000 (411,000 on a seasonally adjusted basis). The previously published level for December 2010 was revised downward by 452,000 (483,000 on a seasonally adjusted basis).
That’s a lot of jobs the BLS thought were there that ended up not being there after getting better data.
Here’s what it does to the Reaganomics vs. Obamanomics comparison I originally did about four weeks ago. The original graph showed Obama’s post-recession job gains as 72,000 overall, and 378,000 in the private sector.
O … M … G. Through December, the Obama economy was STILL down 264,000 jobs since the recession ended in June 2009 (after January 2011′s initial number, it’s “only” -228,000). Yet Keynesian clingers like Paul Krugman at the New York Times STILL insist that we’re getting this result because Nancy Pelosi, Barack Obama, and Harry Reid didn’t do enough stimulus.
The number of people working as measured by the Establishment Survey is still down by over 7 million since the POR (Pelosi-Obama-Reid) Economy began (using June 1, 2008 as its starting point):
What will it take to get Keynesians to step away from and swear off stimulus?
UPDATE: Oh by the way, while the preliminary seasonally adjusted number for the 19th post-recession month under Obama came in today at +36,000 (+50K in the private sector), Reagan’s 19th post-recession month (April 1984) came in at +363,000 (+340,000 in the private sector). The rout goes on.
UPDATE 2: At Heritage — “The Reagan Recovery vs The Obama Recovery.”