Wednesday, January 13, 2016

Fact checking the 2016 State of the Union address. The Legend of Barack Obama and HIs Jobs Numbers

The Washington Post reports on Strongman Barack Obama's speech and the facts:
While President Obama often has touted what he often calls the “longest streak of private-sector job creation in history,” the average number of jobs created in this 70-month period is significantly lower than under either Bill Clinton or Ronald Reagan. (When you exclude a single month of decline, in fact, Clinton and Reagan had streaks of 85 and 71 months, respectively.)

The low point in jobs was reached in February 2010, and there has indeed been a gain of 13.6 million nonfarm jobs since then, according to Bureau of Labor Statistics data. But it’s worth remembering that in the same period, the number of federal, state and local government jobs has actually declined by nearly 500,000.

The unemployment rate was 7.8 percent when Obama took office in 2009, and now it is 5 percent. The president says it was cut in half by measuring from the high point reached during his presidency: 10 percent in October 2009.

Still, even with the massive jobs losses at the start of his presidency, Obama can claim that nearly 9.3 million jobs were added since he took office. At this point in George W. Bush’s presidency, the comparable number was 1.3 million; and for Bill Clinton and Ronald Reagan, the figure was 21.2 million and 12.7 million, respectively.
Just a reminder, the economy had a smaller potential workforce in the 1980's and 1990's compared to today. Which means Obama's performance is much worse than it looks.