Media giving a free pass on jobs numbers

A new turn of phrase has been cropping up in recent discussions of U.S. jobs and unemployment. "Saved or created" is the new catch-phrase for the Obama team as they explain that the stimulus is doing what it is supposed to do.

The only problem is, those "saved or created" jobs figures are pure fiction. Totally made up. And while it's a ridiculous claim, if the press won't call the administration on it, there's no reason for them to stop throwing it out there. After all, as William McGurn details here, it sure sounds better than the truth:

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%."

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Mark Biller is Sound Mind Investing's Executive Editor. Visit www.soundmindinvesting.com to learn more.