CNS News reports.
11.4 million Americans age 16 and over have left the workforce since President Obama took office in January 2009, according to data released today from the Bureau of Labor Statistics (BLS).
In July 2014, there were 92,001,000 Americans, 16 and over, who were classified as “not in the labor force,” meaning they not only did not have a job, but they didn’t actively seek one in the last four weeks.
This number has increased by 11,472,000 since January 2009, when the number of Americans not in the labor force was 80,529,000.
The number of Americans not in the labor force dropped slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.
The participation rate, which measures the percentage of the civilian non-institutional population that participated in the labor force by either having a job or actively seeking one, increased from 62.8 percent in June to 62.9 percent in July.
In July, the number of unemployed Americans increased by 197,000 (from 9,474,000 in June to 9,671,000 in July), meaning they did not have a job even though they were actively seeking one.
While the number of unemployed increased in July, so did the number of employed Americans: In June, there were 146,221,000 employed Americans, and that number climbed to 146,352,000 in July, a one-month increase of 131,000.
By contrast, George W. Bush created 8.1 million jobs after his 2003 tax cut.
Obama and other critics of Bush’s tax cuts argue that they did little to boost economic growth or jobs. But they tend to start their count when Bush signed the first tax cut bill into law in mid-2001.
The problem is that much of that tax plan — including reductions to most of the income tax brackets — wasn’t scheduled to take full effect until 2006.
Bush’s second tax cut, signed in May 2003, accelerated those tax cuts, letting them kick in retroactively to the beginning of that year. The 2003 law also cut taxes on capital gains and dividends.
It turns out that the month after Bush signed that 2003 law, jobs and the economy finally started growing again.
From June 2003 to December 2007, the economy added 8.1 million jobs, according to the Bureau of Labor Statistics. The unemployment rate fell to 5% from 6.3%. Real GDP growth averaged close to 3% in the four-plus years after that, and the budget deficit fell steadily from 2004 to 2007.
And despite Obama’s claim, Bush’s policies did not increase income inequality. In fact, inequality was the same when Bush left office as when he came in, according to theCensus Bureau. A study by University of California economist Emmanuel Saez found that inequality has climbed much faster under Obama.
What’s more, the rich ended up paying a larger chunk of the federal income tax burden after Bush’s tax cuts went into effect, with the share paid by the top 1% rising to 40% by 2007, up from 37% the year before Bush took office, according to IRS data.
The Congressional Budget Office, meanwhile, found that the federal income tax was more progressive in 2007 than it was back in 1979.
Recall that these tax cuts didn’t cost us a thing – the 2007 deficit was $160 billion dollars, which was down from the previous year. Economic growth raised tax revenues.
When you let job creators keep more of their own money, they create jobs. When you tax and regulate job creators more, you destroy jobs. You can’t argue with the Bureau of Labor Statistics numbers. These are the official numbers and they show that Obama failed where Bush succeeded.