National Review’s profit support per new job

National Review’s Jerry Bowyer has once again provided professors with another “lies, damn lies, and statistics” classic. To convince NRO readers that the Clinton job growth was a bubble, while the recent job growth is sustainable, he plots the change in profits relative to the increase in employment with really low ratios for the 1996 to 2001 period, a very high ratio for 2002, and a more modest ratio for 2003. Of course, there is a simpler explanation that the ad hoc theory he puts forth. Wasn’t job growth high during the late 1990’s, while only profit growth has been high over the past couple of years?