Clinton chatted about several topics but one that is particularly significant was his assertion that Democrats have created far more private sector jobs than Republicans, although Republicans have held office 5 years longer in the past 51 years since President Kennedy took the oath of office.
Of the 66 million jobs created in the past half-decade, Clinton emphasizes, Democrats created 42 million jobs while Republicans created 24 million.
If it seems suspicious that this little uttered fact is just now being asserted by a former Democratic president, it is because the findings were just released last month but has received very little, if any media coverage. (Yet another strike against the Republican assertion that Democrats control the media).
Not only are Clinton’s facts spot on, but they come directly from the Bloomberg BGOV Barometer, Bloomberg also analyzed stock market data and found that Annualized returns were 11 percent for the Democrats, 2.7 percent for the Republicans. Here are some other under-reported facts:
- Through 2008, real GDP grew faster under Democratic administrations — 4.1 percent to 2.7 percent for the GOP.
- Under Democrats, the real median income over the past 50 years grew at 2.2 percent. Republicans, 0.6 percent.
- The poverty rate declined under President Lyndon B. Johnson’s Great Society programs from 22.2 percent to 12.6 percent by 1970.
- Under Clinton, Americans living in poverty decreased by nearly 20 percent. Under Bush, this number rose by 21 percent.
- When Obama took office, he inherited an economy that was losing about 750,000 jobs per month. As of April of this year, private-sector jobs have now recovered to the number we had when he started – 4.2 million jobs in the past 26 months.
So where are the jobs? Public sector jobs have been cut, primarily in states where there are new GOP governors and legislators who were elected in 2010 as a knee-jerk reaction to the bailout of Wall Street. These enthusiastic, extreme right-wing Republicans have slashed budgets for public safety, teachers and other vital service functions.
According to the Labor Department, if those cuts had not been made, our unemployment rate at this time would be 7.1 % and shrinking instead the 8.1% it is currently.
So the next time you hear your Republican friends insist that “business expert Romney” is the best solution for our ailing economy, you have some additional facts for your repertoire to confound them. Of course I know Republicans tend to break out in a rash when facts are presented, but at least for a while they’ll be distracted from their dogged itch to Obama bash.