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The Real Jobs Number

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    The Wall Street Journal's Steve Moore weighs in on the unemployment rate and the Buffett Rule.

  • Duration 5:19
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Take a look initial jobless claims unexpectedly rose last weekend rather sharply actually 380000.

People filed -- appointment for the first time.

Plus -- prior week's tally was actually revised higher this is in spite of the fact that President Obama has been out taking credit.

For lots creation in the economy listen.

-- economies now created more than four million private sector jobs over the past two years.

More than 600000.

In the past three months long.

Does sound right to you they don't to Mitt Romney.

He is not created jobs.

He's lost 800000.

Jobs during his presidency.

Case sees right let's -- numbers with Stephen Moore who is senior economics writer for the Wall Street -- Steve thanks so much for joining us hi Melissa up.

The White House loves to use this four million jobs number.

So why have been combing through the BLS stats we all have on the show trying to figure out.

Where in the universe they are getting this number from the best the closest thing I could find is that if you go back to the bottom to the turning point you only count the upward swing from there.

See you start like march of 2010 -- a little bit before that.

Then you could say that the economy overall has added.

3.3 million jobs that's still a long way from floor and and that would be you know kind of a tough way to calculate it what do you think.

Well I've been looking at the numbers two and an ever since President Obama started saying that that -- -- four million jobs I've been scratching my head out comb through the -- -- breakthrough it.

I can't -- in anyway way to come up with -- four million jobs so must be the new map.

And the White House hearing her some of the statistics that people should be aware up since the since the height of the -- the peak of the last stop.

You know expansion here in late 2007.

We've lost five million jobs here that I know it you know -- five million jobs short of where we're that's a pretty pathetic number what do you think about Willis and that's.

Almost five year as well we've had negative five million.

Numbers of job created.

This is -- Obama took office were somewhere about a million jobs short.

Of where we were so.

And only if you go from the very bottom of the you know the job market the -- was that he after a year after the president took office so.

What he's doing is saying water not counting all those jobs that were lost in 2009 by the way most of that was the year of the stimulus boy as far as -- creating all these jobs.

Yeah I think like one of the main points is that you can take -- The data from the Bureau of Labor Statistics and sort of depending on what timeframe you're looking at.

-- make it say whatever you want I mean depending on where you start and where you had the number that Mitt Romney quoted.

Which is you know.

-- a closer to the truth has to do win -- -- President Obama actually took office to now.

The total number of jobs that are out there and economy.

Have fallen by he says 800000 the exact number is adding 750 or 740 for a thousand fewer jobs.

From the date that he took office so.

You know us attempt to be fair to the president we were losing 6070800000.

Jobs when he took office so -- we're gonna see a continuation of that -- Usually give you know I like to give president maybe six months nine months a year -- -- policies to you know stop being implemented before you start you know.

Given the -- time -- like except for the difference here is.

That is starting I think it was in march of 2009 that's what we injected all of this stimulus money into the economy -- have it was the president himself who said you're gonna get lives and impact of this you're gonna keep the unemployment -- who rate less than a -- out which never happen.

We're what 38 months I think it is that we got over 8% group out of -- by the way the other thing that the president's -- really been accountable for.

Is he told us -- -- -- economist all of us at this stage of the recovery -- we got 6% unemployment rate nowhere near that rate nowhere near that.

OK let me -- -- lower fact checking let me say something else for you here and I want to tell me it's it's the truth on the other side.

Let's hear about the Reagan.

The Reagan -- instead of the bought several.

I'm not the first.

President to call for this idea of their -- -- -- fair -- if it'll help our convince folks.

In congress to make the right choice so we could call of the regularly and so the buffet -- She would call the -- room.

You know -- I I knew Ronald Reagan I worked for Ronald Reagan Barack Obama you know how to prediction.

That Reagan stood for exactly the opposite we cut tax rates under the Reagan administration he's talking about the 1986.

Tax reform act which I happen I think was one of the great triumphs bipartisan that Melissa.

Past 97 at three in the summit we did clear out a lot of loopholes in the tax system that rich people or taking advantage up you know investing in bolts -- Windmills and and things like that -- we -- the rates to 28%.

What's different is the -- president.

Obama is talking about raising the rates which is exactly the opposite.

Of what Ronald Reagan stood for he understood that -- lower rates and a broader base was the way to make a tax system more economical efficient that creates more jobs.

And that's the essential point is that he closed loop -- and lowered the rate we're talking about raising and here that's why wouldn't.

What is being said is patently untrue Steve Moore.

Thank you for do anatomy that we've got to keep your eye on the sky because a lot of stuff that's coming out of them there's always a trip we gotta keep everybody honest that's our candidate here thanks so much what we could.

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