Business Insider: Here's What's Really Happened To The Private Sector Under Obama

[Bolo Boffin]

http://www.businessinsider.com/the-private-sector-and-the-public-sector-under-obama-2012-6#

So Obama made a pretty big "gaffe." He said that the private sector was doing "fine."
Here's the full quote, via WSJ:

"The truth of the matter is that … we've created 4.3 million jobs over the last 27 months, over 800,000 just this year alone ... The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government," which, he said, isn't getting the support it needs from Washington.

Given that unemployment is over 8 percent, and Q2 GDP is tracking at less than 2 percent, saying that any part of the economy is "fine" looks wildly out of touch, and Republicans are lambasting him for it.

Obama has already backtracked, but is what he said true?

Let's go to the charts!

You'll find all the charts at the links, and they're fantastic. The private sector isn't just doing fine, it's never been better. It's the public sector that's the drag on the economy, which isn't doing fine at all.

[girl gone mad]

1. The original source is Mike Norman.

http://mikenormaneconomics.blogspot.com

[Bolo Boffin]

2. Cool! Thanks.

That helped me find this:

http://www.pitbulleconomics.com/stimulus.pdf <--PDF, Mike Norman's "stimulus enacted" presentation

Good deal!

[banned from Kos]

3. Great find! This should be required reading for any Obama supporter.

thanks

[Tennessee Gal]

4. Great charts!

Ed and Rachel need to devote their shows to these charts, numbers, and facts.

[annabanana]

5. It doesn't matter anymore. If the howling of the Repubs & the Corporate media aren't screeched down

within the first half hour of their braying. . they own the news cycle.

Rove has made truth irrelevant.

[SunSeeker]

6. Exactly!

Thanks for the post and link.

[RC]

7. The Private Sector and the Public Sector are tied together.

Both support jobs and families. If one is not doing well, neither is the other.
During bad times it is the Public Sector (Government wiht jobs), that needs to support the Private Sector, till things get better. That is not happening very well. So how can the Private Sector (Living Wage Jobs anybody?) be doing fine, Charts or no charts?

[Bolo Boffin]

8. In the economy. The economy overall is not doing fine.

But it's not the private sector's fault. That's what the charts show.

If you want to define the private sector as people with living wage jobs, though I don't know anyone else who would do that, then, no, the private sector is very small and not growing well.

And a living wage job should be the standard we reach for. Saying that something is doing fine doesn't mean it couldn't be better.

[nineteen50]

11. It wasn't the private sectors fault

it was the teachers, fireman, policeman retired and all public workers that crashed the economy. It was the government that transferred the private sector losses to the public sector while the bankers got the bonuses.

[RC]

15. The private sector is anyone not working for any of the governments.

Federal, State or local, regardless of what they are paid. The problem is at the Federal Level, namely Congress. The Obama Administration could be doing a better job kick starting things also. The government needs to rein in the big corporations and financial institutions. Raise the minimum wage to somewhere between $10 to $12 an hour. Get some money circulating in the economy to help businesses get going again.

[Doctor_J]

9. Unfortunately the president backtracked (as usual)

instead of reeling off his job numbers compared to the Dallas Dunce. Trudeau needs to use some sort of back track for his Obama image.

[cthulu2016]

10. What BS. Look at chart #6 of the 24

The private sector is not the least bit fine in terms of job creation, the topic of the president's comment.

Though it's wonderful that corporate profits have never been higher... I guess.

Is a good Democrat now required to believe, despite the evidence, that the private sector (the job creators...) are creating a lot of jobs?

[nineteen50]

12. yes

with the 13 trillion in federal reserve loans at 0 to .025 interest.

[Bolo Boffin]

13. How unusual.

As chart #6 says, private sector employment is off its old highs, but as a closeup chart (#7) shows, private sector employment has recovered and is above the levels it was at when Barack Obama took office.

Good Democrat or bad's got nothing to do with it. It's just the facts, cthulu2016. Private sector job growth is back on the right track and growing.

[banned from Kos]

14. one can lead a horse to water but cannot make it drink.

job growth is arbitrary in the end.

[Bolo Boffin]

16. A kick for Sunday. n/t