The government's report that the economy added just a minuscule 96,000 jobs last month came at the end of the Democrats' defensive national convention where Obama, Bill Clinton and other party luminaries made extravagant claims that things will get better if Obama is re-elected to a second term.
But analysts at the Federal Reserve Board, economists and business leaders say Obama's declining economy is not going to get significantly better this year, next year nor the year after that, until there are dramatic changes in the nation's fiscal policies. Changes Obama Democrats refuse to make.
The deepening weaknesses in the employment picture was also underscored by revisions in the June and July job numbers that found 41,000 fewer jobs were created than was previously reported.
Not only is the rate of job growth shrinking fast in the fourth year of Obama's presidency, so is the economy's growth rate, slowing this year to a snail's pace 1.7 percent in the third quarter.
But he didn't say anything about the weak job creation rate or declining economic growth in his speech last week. Instead, he rattled off a long list of specious claims that he took credit for that were not true.
He told convention delegates and the nation at large that he had saved the automobile industry and boosted overall manufacturing, too. But auto industry employment was still 12 percent below pre-recession levels, and employment data shows we lost 15,000 manufacturing jobs last month, after a string of previous job losses in that sector.
Obama was playing fast and loose with the facts on this one, as he was throughout his speech. Like his statement that "Over the last three and a half years, we have focused on righting the ship....creating 4.5 million new jobs."
But the Labor Department says job creation in Obama's presidency was several hundred thousand at best. In fact, "Obama is on track to have the worst jobs record of any president since World War II," says Washington Post Fact Checker Glenn Kessler.
Obama claimed in his convention speech that he's had to deal with an economic recession that is the worst since the Great Depression. But Ronald Reagan similarly faced a severe recession in which unemployment rose to 10.8 percent (Obama's peaked at 10 percent) in November 1982.
But Reagan "put in place a very different set of stimulus measures -- emphasizing private sector leadership -- and when he faced the voters in 1984 the jobless rate had fallen to 7.3 percent," economist Peter Morici points out.
Deutsch: "I’m Just Feeling a Mojo" from Obama "I’ve Never Felt Before"..."It Feels Good!" | Greg Hengler