Once again, taking 'stock' of Bush's record

[bemildred]

Way back in February, CNN ran a feature about Bush's job losses and noted that this president had the worst record on employment of any president in seven decades. Labor Secretary Elaine Chao was on hand to insist we're all looking at the wrong numbers.

Judy Woodruff: "I want to cite the one economic analyst with Credit Suisse First Boston. He said, these are his words, quote, 'very disappointing; we're not getting the jobs to replace the stimulus in the economy which will fade once the first quarter ends.' Another economist said, 'It's the weakest job-creation rate relative to economic growth on record.'"

Chao: "Well, the stock market is, after all, the final arbiter."

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As I write this, the market is at about 9920. That's about 600 points lower than when Chao said this was the only number that matters and about 800 points lower than when Bush took office. Indeed, chances are Bush will likely be one of the rarest of presidents -- fewer jobs than when he started and a lower stock market at the end of his term than when it started.

In fact, while many realize that Bush's job creation record is the worst in 70 years, it's easy to forget that stock market performance under Bush is among the worst of any president since the days of Herbert Hoover.

The Carpetbagger

[bullimiami]

1. and with SS tied to the market as bush dreams

4 years would have seen a good chance that you would have lost money not to mention the 10-15% additional you would have lost due to inflation.

[cosmicaug]

2. Silver lining.

bullimiami wrote:

4 years would have seen a good chance that you would have lost money not to mention the 10-15% additional you would have lost due to inflation.

There's a silver lining: Wall Street brokers would have made profit on a privatized social security.

[cosmicaug]

3. Wrong number.

bemildred wrote:

In fact, while many realize that Bush's job creation record is the worst in 70 years, it's easy to forget that stock market performance under Bush is among the worst of any president since the days of Herbert Hoover.

You're just looking at the wrong number again. The right number..., wait, it's around here somewhere. I'll find it....

[bemildred]

4. Unfortunately, I cannot take credit for this lovely little polemic. nt

[cosmicaug]

5. Sorry.

Sorry, I didn't mean to misattribute.

[bemildred]

6. No need to apologize. I dig flattery. nt

[cosmicaug]

8. I found the number!

I found the number on another Economic Issues thread: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x11824

C.E.O. compensation is up. Yeah, that's the ticket!

[wishlist]

7. Stocks are even lower now than when article written- closed 9897 today

A 7.6% drop from when he took office. Investors have not only lost principal but lost out on interest they could have gotten in safer fixed income investments over this 4 year period.

Rushing to war in Iraq and the tax cuts have proven to be costly gambles. I am sure he thought the slam dunk war would be over quickly keeping oil prices stable and boosting the stock market.