The “5.2 Million Job” Invention
Jobs are the #1 issue in the 2012 elections.
When Joe Biden and Barack Obama start telling little white lies about how many private-sector jobs have been created its almost expected. After all, they are politicians! They are in the midst of a tight presidential race next month. We expect politicians to stretch the truth… and they don’t disappoint.
However, when an economist repeats a politician’s white lie it gives it credibility. It transforms a fabrication into a bald-faced lie. But that is exactly what economist Laura Tyson just did:
“Closing America’s Jobs Deficit” – Laura Tyson, Project Syndicate, 10/16/2012
In today’s article, right off, she very specifically said:
During the last 31 months, private-sector employment has increased by 5.2 million
– UC Berkeley Economics Professor Laura Tyson
We’ve heard Tyson’s 5.2 million job invention before. Joe Biden first said it in last week’s VP debate.
Economists lacking integrity should be shot, tarred, feathered and run out of the economic world on a slippery rail.
Professor Tyson, Math Lesson Time!!
Laura Tyson is an economics professor at the Haas School of Business at UC, Berkeley. She is former chair of the President’s Council of Economic Advisers under President Bill Clinton. She is no crackpot blogger.
Professor Tyson. Highlighted in yellow above are last month’s private-sector job total and the private-sector job total from 31 months ago. They are seasonally-adjusted numbers from the Bureau of Labor Statistics (BLS). As you know, that is the accepted source for determining how many private-sector jobs were created in the last 31 months.
Its doubtful any of this is new to you, but here is the math:
111,499,000 – 106,773,000 = 4,726,000 created in the last 31 months
Ask one of your students… that is 4.7 million jobs, not 5.2 million.
First, Barack Obama exaggerates the number of jobs created under his administration in the first presidential debate. Next, Vice-President Joe Biden exaggerates the total even further to 5.2 million in the VP debate.
Now we have a credentialed economist putting legitimacy behind the exact same erroneous number that VP Biden used.
Anyone out there think that a chance, coincidental error happened between Biden and Clinton’s former chair of the Council of Economic Advisers just three weeks before the election?
Its even worse. That distortion gets compounded further. Obama, Biden and Tyson all very well know that the private-sector job number already exaggerates job creation by another 500,000 jobs. Over a half million jobs have been lost in the public-sector over the last 31 months.
Now the misrepresentation has ballooned up to a million non-existent jobs created! Tyson is a disgrace to her profession.
Fabricating truth for political purposes is not the issue here. The issue is denying reality. This economy has permanently lost around 5 million jobs and we must recover them to fix this economy. That’s a fact, Jack! Namby-pamby band-aid solutions won’t cut it.
Do you want a jobs-lost denier or a job creator living in the White House? The choice is yours.