Did Obama Create 5 Million New Jobs?
The problem with politicians is they will tell you anything to get elected. To make a good first impression in the first debate last night, the first verifiable fact out of President Obama’s mouth was this:
Over the last 30 months, we’ve seen 5 million jobs in the private sector created
– President Obama, 1st Presidential Debate, 10/2/2012
Perhaps the President knows something we don’t. If he does then tomorrow’s blockbuster headlines will read, “Private-sector Creates 400,000 Jobs in September!!” when the Monthly Jobs Report is release Friday morning by the BLS.
Nobody in their wildest imagination believe that’s possible, but that is what must happen for Obama’s 1st impression claim to be true.
Note: For the record, the BLS reported +104,000 private-sector jobs created in September
The Jobs Depression
Mr. President. This nation is in a full-fledged jobs depression.
Bureau of Labor Statistics (BLS) data show we permanently lost at least 5 million jobs in the Great Recession and job growth has been barely keeping up with population growth over the last 30 months.
According to the BLS, there are 23.5 million Americans unemployed or underemployed or who want or are actively seeking work. That doesn’t even count the millions who have simply given up looking for work all together.
Unless you face reality and quit trying to present a false impression of job creation and then go on to do nothing but suggest namby-pamby bandaid solutions, this nation cannot recover economically.
Summary of Job Creation Under Obama
Over the last 30 months, up through August, the private-sector created 4.6 million new jobs. September’s jobs numbers come out tomorrow.
But that isn’t the whole jobs picture… it is infuriating that the President knows, but ignores it.
The private-sector, though a HUGE segment of all jobs in this country, is a subset of a category of jobs the BLS calls “total nonfarm”. That category is, in turn, only a subset of total employment. As of August, the difference between private-sector and total employment is 31 million jobs out of 142 million total jobs nationwide.
The President only talks about private-sector job growth because everywhere else jobs are being lost. According to the BLS, we lost -314,000 jobs in total employment in the last two months!
The vast majority of jobs “created/saved” under ARRA – “The Stimulus” – were public-sector, not private-sector jobs. Most ARRA jobs were “saved”, not created.
Today, there are -677,000 fewer public-sector jobs than the day President Obama took office.
Jobs and the economy are, by far, the most important issues in the 2012 elections.
The President himself recognized that when the first substantive thing he said in the first presidential debate was reserved for an extravagant claim that totally distorts this country’s true jobs situation. Romney made a huge mistake not calling him out on that one line alone. It cuts to the core of the main two issues and Obama’s attempts to minimize them.
There are fewer jobs in the U.S. today than when President took office. Yes, Obama was dealt a raw deal coming in. It wasn’t his fault. But there comes a time when blaming the past rings hollow. That time has came and went.
The President is allowing election year politics to cloud his judgment. Now he has resorted to seriously exaggerating his job creation record. It is both detrimental and dangerous for this country’s economic recovery.