First of all, the job report numbers for August 2012 came in at 96,000 jobs. Horrific. But unemployment went down because, AGAIN, people are dropping out of the job hunting market. Obama knew these numbers last night…but didn’t say anything. Why? Well, of course, that’s why.
Second thing is the is a fantastic fib that Obama’s deputy campaign manager told about job growth under the current president. Here’s Stephanie Cutter’s quote in full from MSNBC’s “Morning Joe” just so no one can accuse anyone of taking anything out of context:
“Well, I think that worker probably has a good understanding of what’s happened over the past four years in terms of the president coming in and seeing 800,000 jobs lost on the day that the president was being sworn in, and seeing the president moving pretty quickly to stem the losses, to turn the economy around. And over the past, you know, 27 months we’ve created 4.5 million private-sector jobs. That’s more jobs than in the Bush recovery (or) in the Reagan recovery.”
You’d think that if the Obama campaign wanted to peddle outright fabrications, they’d at least do it so they weren’t so easily debunked. But you don’t have to look very hard to see that Cutter, as Obama might say, is “just making stuff up.”
She starts counting private-sector job growth under Obama in February 2010 and, sure enough, in the 29 months since then (not 27 as Cutter says), there have been 4.5 million private-sector jobs created, according to the Bureau of Labor Statistics.
But keep in mind that February 2010 was fully eight months into the economic recovery. So Cutter has simply picked the worst month under Obama as her starting point, in order to make Obama’s job growth look as impressive as possible.
So, in fairness, let’s do the same for Reagan and Bush:
In the aftermath of the 1981-82 recession, private-sector jobs bottomed out in December 1982, the month after that recession ended. Twenty-nine months later, the private sector under Reagan had created 8 million jobs — nearly twice as many as under Obama.
How about Bush? Surely job growth during his administration was worse. After all, the president keeps telling us that his predecessor’s policies “resulted in the most sluggish job growth in decades.”
Except if you use the Cutter method, the private sector created 4.7 million jobs in the 29 months after July 2003, when the job market bottomed. In other words, Bush beat Obama by his own preferred measuring technique by 200,000 jobs.
It’s worth noting, too, that jobs started growing under Bush ONE MONTH after he signed his second major tax cut into law. It chopped capital gains and dividend tax rates and accelerated the schedule for the Bush income-tax rate cuts.