Obama couldn’t have been more proud of the work he’s accomplished over the last several years
Image Credits: Pete Souza / Wiki
In a speech at Ivy Tech Community Collage in Indiana President Obama couldn’t have been more proud of the work he’s accomplished over the last several years. Citing official statistics like lower deficits and higher employment he says that 2015 is going to be a another good year.
If there were ever a contra-indicator for how the state of the union will be now that the “shadow of crisis has passed,” this is it:
We’ve come a long way these past six years, since we suffered the worst financial crisis since the great depression.
This morning we found out that America’s businesses added another 267,000 jobs. In 2014 our economy created more than 3.1 million jobs and that’s the best year of job growth since the 1990′s. So all told, over the past 59 months the private sector has added about 11.8 million jobs. That’s the longest streak of private sector job growth in our history.
Meanwhile, our deficits are shrinking… they’ve gone down by about two-thirds. Our dropout rates are down… Our graduation rates are up. We’re as free of foreign oil as we’ve been in 30 years… We’ve doubled the amount of clean energy that we’re producing… A lot of families are saving a lot of money at the gas pump, which is putting some smiles on folks’ faces.
And in the single most hopeful sign for middle class families, wages are starting to go up again.
So, America is poised for another good year.
While it’s easy to pick and choose stats and present them to college students and faculty whose heads couldn’t stop bobbling in agreement, the reality is starkly different from what President Obama has suggested is the case.
As a basic example of the outright conjecture being spewed by our Commander-In-Chief, consider the claim that 3.1 million jobs were created last year. Karl Denningerblows that completely out of the water and shows just why these cherry-picked statistics only tell part of the story:
This change in the working-age population, by the way, means the net job gains are now effectively zero over the last year; the entire last year’s gain is now only 218,000 jobs!
Last month’s household employed number looked to be headed southbound, as did the previous month. Well, now it’s strongly negative, but what’s worse is that it’s now negative on the household number three months running and at an increasing rate