Obama Lost 14 Million Jobs at a Cost of $10 Trillion
President Obama made the claim that because of him the US economy is in great shape and that he created 14 million jobs. As usual, with Obama, know that the opposite is probably more accurate.
First of all the US economy is not in great shape. If it was the Fed would be raising interest rates and because it is not the Fed has again decided not to raise rates. Obama will probably not raise 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, this is not accurate for a number of reasons.
Firstly, when Obama makes this claim he begins his calculation in February of 2010, nearly two years after he took over the Presidency. If Obama begins counting when in January 2008 — which is how job growth is normally measured — the number of private-sector jobs has increased just 5.6 million.
Secondly, when considering the number of new entrants into the job force, 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.
Thirdly, a large percent of the number of new jobs that are counted by Obama are actually part time jobs. This phenomenon is related to Obamacare which resulted in the unintended consequence of reducing the number of full time jobs being replaced by part time jobs.
Finally, when comparing Obama’s 14 million jobs lost to other economic disasters created by his administration, the number is really outrageous. With an increase in the national debt of around $10 trillion during his administration, the US lost each job at a cost of more than $70,000 per job to the American taxpayer.
What a lie and what a disaster!