1RUSZa *: I . . • 4/28/2013 Public and Private Sector Payroll Jobs: Bush and Obama by Bill McBride With public sector jobs down over the last several years (Federal, State and local layoffs), several readers have asked if I could update the graphs comparing public and private sector job losses (or added) for President George W. Bush's two terms (following the stock market bust), and for President Obama tenure in office so far (following the housing bust and financial crisis). Important: There are many differences between the two periods. Both followed the bursting of a bubble (stock and housing), although the housing bust also led to a severe financial crisis. The first graph shows the change in private sector payroll jobs from when Mr. Bush took office (January 2001) compared to Mr. Obama's tenure (from January 2009). Mr. Bush (red) took office following the bursting of the stock market bubble, and left during the bursting of the housing bubble. Mr Obama (blue) took office during the financial crisis and great recession. 5,000 4,000 g 3,000 2,000 -o u 1,000 4 .75_ -1,000 o. -2,000 E' 3-000 -4,000 -5,000 Page I 1 of 2 Private Sector Payroll Jobs G.W. Bush —.0beme 12 24 is 44 40 72 0 http:// .caltulatedriskblog.corn/ FFTA_R1_01956100 EFTA02674560