Kerry Job lost numbers incorrect
Posted on October 25th, 2004 in General, Politics, Economics by tavaresforby ||
It seems like Senator John Kerry has been misinforming people about the job loses under the Bush administration. Studies show that household surveys of employment have actually increased by 1.69 million jobs from January 2001 to September 2004.
In their final debate on October 13, Senator John Kerry claimed that the U.S. had lost 1.6 million jobs while President George W. Bush has been in the White House.
Let’s first look at the payroll survey. This is the favorite of those seeking to criticize the President on the economy. In January 2001, the payroll survey registered 132.388 million employed. As of September 2004, the latest data available, the number stood at 131.567 million. That is a drop of 821,000. That would be half of what Kerry claimed.
Whether it’s a decline of 800,000 or 1.6 million, this isn’t great news. However, the payroll survey only paints part of the jobs picture, specifically, employment by larger and/or established firms. What’s missed are the start-ups and the self-employed. In an increasingly entrepreneurial economy, that means a lot is being missed.
So, let’s turn to the household survey of employment, which does capture this entrepreneurial activity. By the way, this also is the survey from which we get unemployment numbers. In January 2001, the household survey pointed to 137.790 million employed. As of September 2004, the employment number was at 139.840 million. That shows an increase in employment of 1.69 million. This is a far different jobs story than the one being peddled by Senator Kerry.
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