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 two years after he took office. If Obama would begin his count in January 2008 — 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?