President Obama: The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone.
The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don't have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.
And so, you know, if Republicans want to be helpful, if they really want to move forward and put people back to work, what they should be thinking about is how do we help state and local governments and how do we help the construction industry? Because the recipes that they're promoting are basically the kinds of policies that would add weakness to the -- to the economy, would result in further layoffs, would not provide relief in the housing market, and would result, I think most economists estimate, in lower growth and fewer jobs, not more. . . . . . . . . . [I make not that just two hours after this rather ridiculous press conference, Obama had to take back his claim that "the private sector is doing fine." - blog editor]
Editor's notes: I am thinking that someone should do a little math, sometime before the elections. Start with figuring out how many jobs per month, for 27 months, is 4.3 million. That number is 159, 259. Obama wants you to believe that he has created close to 160,000 every month for the past two years and into the first quarter of this year.
Let's repeat Obama's claim in "after we did the month" parlance. "We created 159,256 jobs a month for the past 27 months . . . . . the private sector is doing fine."
Now, take that monthly total and add up the monthly total for first time applications for unemployment benefits of those who most recently lost their jobs. Here is the list since the beginning of the 2012:
June
2 - 377,000 –
May 26 - 383, 000 revised up by 6,000 to 389,000
revised up 65 out of last 66 weeks.
May 19 - initial report is 370,000 - revised up 3,000 to
373,000.
May 12 - initial report 370,000 , adjusted up to 372,000 (63
out 64 weeks this adjustment has been higher than its initial report)
May 5 - first report is 367,000 - revised with the May 17 report to 370,000
April 28 - first report is 365,000 --- adjusted up to 368,000 with the
May 3 report
April 21 _ first report for week ending on the 21st, is 388,00 -
the same initial report as last week's. An adjustment [upward ?] will
occur with next Thursdays report. This was adjust up to 392,000.
April 14 - first report is 388,000 to be adjusted next Thursday. Adjust
number is 389,000
April 7 : first report is 380,000 off an estimate of 359,000. This number
was adjusted up to 388,000 !!!
March 31: first report was 357,000 but was adjusted upwards by 10,000 to
367,000
March 24 (week ending) -- 359,000, adjusted up 11,000 from
the first report of the week before.
March 17 - 348,000 as a first report. This will be adjusted up to 350,000
to 352,000 by next Thursday (3/29). With the March 24 First Report,
we find out that the week ending 3/17 missed the the truth completely/
Instead of 348,000, the final report was 364,000 or 16,000 off the
mark.
March 10 - 351,000 as a first report. We expect this number to be revised
to 354,000. It was adjusted to 353,000, 000
March 3 (week ending) First report 362,000 - adjusted upward to 365,000
Feb 25 - 351,000 before weekly adjustment - 3,000 higher than
the initial report of Feb 11. -- This week was adjusted up to
354,000
Feb 18 - 355,000 before weekly adjustment (supposedly, the
weekly adjustment was 353,000)
Feb 11 355, 000 after adjustment (originally reported
at 348,000 (?)
Feb 4 361,000 without weekly adjustment
Jan 28 367,000 adjusted to 373,000
Jan 21 Adjusted up to 379,00: initial report
was 377,000, an increase of 21,000 or 25,000 higher than the original
report of the 14th.
Jan 14 352,000 first Labor report: (week ending) first
report numbers are 355,000 on Fox, 352,000 from Labor. A 2nd revision
brought this week's number to 356,000
Jan 7 399,000 unadjusted. I expect this to be
403,000 after revision. The actual adjusted number was 402,000
You can take time to do the math. I will guess the weekly average of those who "just lost their job" at 365,000 per week, or 1.46 million per [four week] month.
The obvious question is this: how does Obama square the loss of 1.46 million jobs per month with 159,256 "created" jobs per month, especially when April recorded just 69,000 jobs created and March realized 77,000 jobs created for that month?
The answer is not as simple as a second grade subtraction solution. Some of the 1.46 million went back to work the following month, or the month following that. Some of these folks, claimed their unemployment benefits and then went into the "underground economy," (and who can blame them?) Others retired.
While reconciliation of the two job numbers used in this post is more complicated than we would like, for certain, Obama's implied claim of 4.3 million NET jobs is simply a lie, and he knows it ------------------------------------ that's what makes it a lie.
Note: all numbers used in this post come from the D of L. See our blog page, "Labor Stats" for confirmation.
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