Unreported: Full-Time Employment Barely Up Since Recession Ended
See-no-evil economic reporting during the Obama years has "somehow" missed a number of developments in the makeup of the American workforce which I believe would not have been missed (or deliberately overlooked, take your pick) if a Republican or conservative were in the White House. One of them relates to full-time employment.
Did you know that seasonally adjusted full-time employment in September 2011 was lower than it was when the recession officially ended in June 2009, and that this was the case for 26 of the first 27 post-recession months? What's more, the economy had over 8.7 million fewer full-time workers in November 2011 than it did when full-time employment peaked four years earlier in November 2007. Proof from the Bureau of Labor Statistics follows the jump.
Here it is:
Full-time employment finally surpassed the June 2009 level for two consecutive months in October and November. Hopefully it will keep going up, but the economic policy barriers to continued improvement are quite substantial, as has been noted elsewhere by yours truly and so many others. For those who are wondering, during the first 29 months after November 1982, the official end of the Reagan-era recession according to the National Bureau of Economic Research, full-time employment increased by almost 8 million:
Currently, the economy has 417,000 more full-time workers than it did when the recession officially ended in June 2009. Readers will also see that the increases in the number of full-timers continued to climb after that. By the end of 1986, over 11 million more Americans (almost 14%) were working full-time than were doing so at the end of that era's recession.
President Obama said in Kansas on December 6 that what Reagan did, followed by similar but less aggressive moves under President Clinton (with prodding from a GOP-controlled Congress) and Bush 43 "doesn’t work. It has never worked."
Really? Then what would you expect a nonpartisan observer to say about the policy prescriptions employed during the past three years?
If the economy under a Republican or conservative president had utterly failed to create full-time employment for so long, we'd be hearing about it constantly. But we've heard something between absolutely nothing and barely anything from the lapdog establishment press.
Cross-posted at BizzyBlog.com.