The Truth: Obama’s Net Gain in Jobs Is a Negative 14 Million
Guest post by Joe Hoft
President Obama claimed on Tuesday during his campaign rally with Hillary Clinton that the US economy is in great shape and that he created 14 million jobs. As usual, with Obama, know that the opposite is probably closer to the truth.
First of all, the US economy is not in great shape. If it was the Fed would be raising interest rates. Because the economy is not in great shape the Fed has again decided to delay raising rates. Obama will probably not raise interest rates through the end of his term with some estimates that the US will be in a recession by August.
As far as the claim that the US has gained 14 million jobs during his reign, this is not accurate for a number of reasons.
First – When Obama makes this claim he begins his calculation in February of 2010, nearly a year after he took office. If Obama would begin his count in January 2009 — which is how job growth is normally measured — the number of private-sector jobs has increased just 5.6 million.
Second – When considering the number of new entrants into the country since he took office of more than 20 million, then Obama actually lost 14 million jobs. When compared to Reagan, for the six years starting in 1982, the population grew by 12.4 million but the number of jobs grew by 18.4 million.
See the difference?
Third – A large percent of the number of new jobs that are counted by Obama are actually part time jobs. This phenomena is related to Obamacare which resulted in the unintended consequence of reducing the number of full time jobs and replacing them with part time workers.
Finally – When comparing Obama’s 14 million jobs lost to other economic disasters created by his administration, the results are stunning. With an increase in the national debt of around $10 trillion during his administration, the US lost each job at a cost of more than $70,000 per job to the American taxpayer.
But don’t expect the media to correct this corrupt man when he flouts his phony progress.
It just won’t happen.