Carolyn Maloney: “This chart was produced by the Joint Economic Committee, and it shows the constant process of the creation and loss of…”

“This chart was produced by the Joint Economic Committee, and it shows the constant process of the creation and loss of jobs that occurs in our economy. The solid black line shows the number of private sector jobs created. The dotted line shows the number of private sector jobs lost. When the economy is expanding, as it did under Clinton, the job creation line just kept going up. At point A, the beginning of the Bush administration, you can see that the number of jobs created is much lower than during the Clinton administration; and in 2008, you can see that it literally fell off the cliff. As Nobel Prize-winning economist Joseph Stiglitz has suggested, job creation during the Bush expansion was artificially inflated by the housing bubble and the false wealth that it created. As a result, we faced a rapid decline in job creation when the housing bubble burst. Point B represents the beginning of a new administration with new policies and different results. The lines change direction rather sharply. Madam Speaker, this is the picture of progress.”