Barack Obama is wrong. He has been telling us that the US economy has created 4.5 million new jobs in the last 30 months, and we now have empirical data showing he's wrong. He's wrong, because according to just-released adjustment figures from the Bureau of Labor Statistics, the correct number of new jobs created under President Obama is actually about 5 million! Under President Obama, as of March of this year, the private sector created 453,000 more jobs than was previously thought. 67,000 more public sector jobs were lost (thanks to Republican governors firing teachers, police and firefighters), netting a total revision upward of 386,000 jobs.
This revises a few numbers. First, as I said at the beginning, it turns out that the President has been selling himself short when he said in the last 30 months, we created 4.5 million new private sector jobs. The right number is about 5 million jobs. And as TPM notes, this revision puts President Obama in positive territory in terms of net jobs created since he took office:
In January 2009, the United States had 133,561,000 total non-farm payrolls. The revised BLS figures put him into positive territory by July 2012, when the number is now deemed to have been 133,631,000.This is the most direct proof yet that President Obama's policies were entirely responsible for pulling us back from the brink of a financial calamity that would made the Great Depression look like child's play, and that under his leadership, every job lost in the Great Recession after he took office but before his policies had a chance to take full effect has now been restored. When the president took office, it is worth remembering, that our economy was losing 800,000 jobs a month, and shrinking at a near 10% rate. And today, we have created 5 million new jobs in the last 30 months under President Obama's leadership.
Is that enough? Not when you compare it to the more than 8 million total jobs lost during the Republican-caused Great Recession. We have so much more work to do. But the measure of a leader must be where we began with and where we're ending up.
Despite all the hand-wringing, the stimulus worked. Despite Mitt Romney's demand to abolish the American auto industry, the President's leadership to bet on American workers worked, to the tune of nearly 1.5 million American jobs. The president's relentless focus on putting more money in the pockets of the working poor and middle class (see: payroll tax cut, child tax credit) has contributed to economic growth. Under the president, American manufacturing is growing for the first time in more than a decade. And as much as ideologues on the Left would not like to hear it, the president's stewardship on the financial sector rescue has not only netted the American taxpayer money, it stopped a financial abyss and helped ease lending.
As we get closer to the election, this is what more and more Americans are looking at. Despite ideological warfare from the Right and ideological whining from the Left, people are examining what the president has been able to do with the cards he was dealt when he entered office. What they are finding is that his policies have worked, and they would have worked even better had a political party in this country not been taken over by a relentless focus on obstructionism. That is why as we get close to the election, the polls are showing the President rising.