Following the release of the October jobs report Friday morning, CNBC’s Rick Santelli (i.e. the godfather of the Tea Party) got into an intense shouting match with his colleagues over whether President Obama is responsible for a net loss of 61,000 jobs .
“Outside of revisions, coming in today -- from the entire term of this administration, from February ’09 to today -- they came in on the establishment survey down 61,000,” Santelli shouted.
The CNBC panel pushed back on the theory, to which Santelli replied he'd done the math four times.
“Net job creation is in positive territory the Friday before Tuesday,” Santelli snapped, adding that the Obama presidency has coincided with job negative creation.
However, although Santelli’s theory is an interesting one, it’s not sound. Indeed, as Business Insider’s Joe Weisenthal notes, there’s really no reason to exclude revisions.
That being said, this is what total non-farm payrolls since 2008 looks like [note the increase]:
"Santelli, though, does not appear to be right, and instead appears to be referring to where things stood after the September jobs report, revealed last month," the Weekly Standard's Daniel Halper notes. "With this last month's report, we now appear to be above water in terms of jobs growth."
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