DENVER - President Barack Obama's delivered a speech about the economy Wednesday morning in Denver to a private crowd. 7NEWS reporter Marshall Zelinger fact-checked his statements and found them to be true but often lacking context.
"2007, 2008, that was rough. But today, our businesses have added nearly 10 million new jobs in the past 52 months," the President said.
The statement is true, but it is interesting to point out why the President chose that particular timeline for his comparison.
Fifty-two months ago, in March 2010, there were 107.3 million jobs. The economy has added 9.5 million for an approximate total of 116.8 million today.
But if you look back to January 2009, when Obama took office, the overall increase is cut nearly in half. Since that date, the economy has only added 5.5 million jobs.
"We've cut our deficits by more than half," is another assertion made by the president in his remarks Wednesday.
This is also true, but again the context is important. The President inherited a deficit that reached $1.4 trillion in 2009. The non-partisan Congressional Budget Office projects the deficit to drop to $480 billion this year, but it is still greater than the deficit during any other presidency.
The President's speech also touched on energy production saying, "While producing more oil at home than we buy abroad for the first time in nearly 20 years."
The data shows that statement factual. Since October, the United States has produced more oil than the country imported:
- Month U.S. Import
- Sep-2013 231,919,000 237,344,000
- Oct-2013 239,103,000 231,718,000
- Nov-2013 238,311,000 221,588,000
- Dec-2013 244,589,000 240,529,000
- Jan-2014 247,491,000 235,090,000
- Feb-2014 224,311,000 201,588,000
- Mar-2014 253,460,000 225,184,000
- Apr-2014 251,337,000 226,414,000
But last year, Bloomberg Businessweek analyzed data from AAA and the U.S. Energy Information Administration and reported that the U.S. exported three million barrels per day across the globe.