Paul Krugman: Bain, Barack, and Jobs

[Bolo Boffin]

http://www.nytimes.com/2012/01/06/opinion/bain-barack-and-jobs.html?_r=1

Fantastic article by Krugman. A sample:

It’s true that 1.9 million fewer Americans have jobs now than when Mr. Obama took office. But the president inherited an economy in free fall, and can’t be held responsible for job losses during his first few months, before any of his own policies had time to take effect. So how much of that Obama job loss took place in, say, the first half of 2009?

The answer is: more than all of it. The economy lost 3.1 million jobs between January 2009 and June 2009 and has since gained 1.2 million jobs. That’s not enough, but it’s nothing like Mr. Romney’s portrait of job destruction.

Incidentally, the previous administration’s claims of job growth always started not from Inauguration Day but from August 2003, when Bush-era employment hit its low point. By that standard, Mr. Obama could say that he has created 2.5 million jobs since February 2010.

Emphasis mine, but what a great line that is.

It also gives the lie to the statement of a number of GOP candidates "President Obama inherited a bad economy, but he made it worse."