McGurn: The Media Fall for Phony 'Jobs' Claims - WSJ.com

“The expression ‘create or save,’ which has been used regularly by the President and his economic team, is an act of political genius,” writes Mr. Mankiw. “You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus.”

Mr. Obama’s comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and — presto! — you have the president claiming he has “saved or created” 150,000 jobs. It all makes for a much nicer spin, and helps you forget this is the same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%.