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Did Obama really create four million jobs?

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    President's campaign touts record job creation, but is it accurate?

  • Duration 7:07
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The next -- -- pres Obama New York City this evening raising money for his campaign in fact down the road actress Sarah Jessica Parker will hold a fund raiser.

For the president and her New York City.

Home why.

Here's why.

OK the guy who ended the war in Iraq the guy who says he should be able to marry anyone you want to and -- guy who created four million new jobs that guy.

President Obama and Michelle are having to my house for dinner on June 14 -- And I want you to be -- -- but.

You have to go to -- Obama dot com for your chance to win that contest and tomorrow night so go right here right now because we need him.

And he needs -- Time -- get an invitation economic data -- what about the four million jobs claim.

Join us Chicago Austan -- former chairman of the council of economic advisors under -- Obama current professor of economics at the University of Chicago.

If -- Washington Douglas Holtz I can.

Who worked with John McCain on economic issues now I'm -- -- this segment will begin with you mr.

-- -- did President Obama create four million jobs -- Now there is more lipstick on that number than on Sarah Jessica Parker quite frankly.

Last month there were one point four million fewer jobs than there were in December of 2008 the last month of the bush presidency.

What's even worse is -- for those who did have jobs we -- no income growth the median family income is down 4000 dollars overall real disposable incomes barely growing -- all so.

We have enormous number of people out of work he hasn't created jobs and those who haven't are still not doing very well all right mr.

tools -- you say.

Watch it -- the four million jobs over the last two years.

Hey what -- talking about is mixing the big drop from the recession.

And then since the recession ended they've added more than four million jobs that's over the last two years and I would just say that's the way.

Each of the candidates from running for reelection including Ronald Reagan George Bush and others that's the way they counted the jobs.

Okay so so -- say that that's the first -- first two years of the president's term shouldn't count.

Because he was dealing with this.

Recession that happened under mr.

Bush's.

Tenure okay.

Now going forward this is what I think is most important to everybody watching this evening mr.

-- can.

Going forward.

You have -- -- program from President Obama which is -- stay the course pretty much government is gonna get you out of this we're gonna continue doing what we're doing.

Right that's who the president is saying.

Unemployment takes up slightly and it's still bad economy stock market -- All right.

Now Mitt Romney's -- what -- that.

But the polls show that half the country at this point half is staying with President Obama in there and they're willing to stay the course -- that surprise you.

The president is very popular.

His policies are not so if you look inside that -- and asked the question you know did this in most -- go work now how was -- a good idea to do it an enormous Health Care Reform.

Now was a good idea to have an enormous expansion -- -- -- state now so again and again and again.

The American voters have rejected the policies of the past four years they might like the president -- they don't like what's going on.

And they recognize that if he had even gotten back to Bush's numbers seven point 3% unemployment.

65% of Americans working and looking for -- -- He would have had to create another four and a half million more jobs than he did so the record's not satisfactory to some policy -- didn't work.

-- mr.

-- you believe that obamacare is holding back employment because small businesses and I'm a small businessman.

Are hesitant to hire because I don't know what their health costs are going to be they don't know what's gonna happen so obviously sitting on -- -- some major corporations doing as well a lot of cash they could hire.

But they're scared do you believe that's holding constricting.

Job performance in this country.

Well I think -- mix and a few things for the big content -- companies that are holding cash I don't think that's related to policy the United States because you observe that exact same behavior.

Among large companies and all the advanced countries of the world even ones that had nothing to do with US policy so.

I think it's very unlikely to quiet -- -- cast aside I had -- -- and not expanding.

Because they're afraid that there may be another financial crisis and that there's not enough demand growth in the world economy which which are both.

The gym -- -- I mean we're coming out of the worst downturn of many of our lifetimes and I think a lot of companies are nervous about that now on the small business side.

It on regulatory matters I do think regulatory.

In the existence of regulations and uncertainty are issues they're issues that should be addressed and that in many cases I think the administered.

Joseph has talked about that when you -- when -- were formulating economic policy meeting with President Obama beginning of his administration.

Did you say look maybe we ought to wait on the obamacare get this thing back on track not have to do introduce anything it's gonna impact on employer employees adding more.

-- -- -- -- -- Well that it.

I would highlight that in the health bill.

It exempts small businesses from the employer mandate so it's exactly designed to try to intimidate hitters are hitting area businesses.

And gives a big tax credit to help reduce their cost of healthcare -- it.

Austin no one's no one's taken up that tax or they can't understand it it's temporary and tiny compared to the big permanent costs -- and that you know.

This I think it's important you know I was definitely -- and I'm back at any less than any small businesses from the employer man don't -- so that -- truly very small businesses are the ones being affected is just factually not correct.

Okay but that may be true that perception among small business owners is that we don't know -- we'll get -- face that's what I gonna do what and that's what's happening now.

Last question -- question.

Two thirds of the American people according to all the polls say the country's on the wrong track.

I don't know how an incumbent president gets reelected.

With that number four doctor blows me you answer the question first -- -- up with mr.

-- can.

I don't look I'm not I'm not a political scientist -- so I'm gonna have to trust your judgment on that I think they were wrong track number historically.

If you look in 2004.

There are a lot of parallels the job performance and that two year run up to this election.

He's actually superior to the one in 2004.

The wrong track number was about the same at this spot in 2004.

I think it will.

Mean for a very close election the president could lose but he could win I don't think it -- -- overwhelmingly.

One way or the other because it's tied to how the economy's doing -- -- Rosie can wrap it up.

-- seconds place.

I'm not the wrong track number reflects some real problems that people can see they can see up fiscal cliff a large tax increase and and big spending cuts at the end of the year.

That the presence I'll put forward any solution for.

They can see the large debt larger than the economy is right now.

Already cost us a percentage point growth so it's tied to real problems that are we're not seeing any solutions for and until that changes the wrong -- -- hurt the president tried gentlemen thank you very much for.

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