White House economist who calculated 640,329 jobs were saved or created answers critics saying, "It must be a bicycle because a vest doesn't have sleeves."

Politico summarizes today’s Obama Administration announcement of 640,329 saved or created jobs.  In the article are these “mentions” of several key analytical factors used by the Administration to arrive at the precise figure:

• So how many were saved and how many created? They don’t know.
• They said they also can’t tell the difference between private sector jobs and government jobs.
• The data isn’t perfect.” … “Further updates and corrections will be needed
• … “there’s no data element in any government data set that is absolutely precise.”
• But for all the detail, the data do not show whether the jobs are in the government or in the private sector.
• That’s because … much of the money was sent to states, which in turn hired a mix of contractors and government employees to carry out tasks.
• … the White House’s earlier estimate that 90 percent of the jobs would be in the private sector, though, is “still valid.”
• The issue of whether governments can accurately count jobs “saved” – since that is a hypothetical has provoked debate among economists since the White House began using the “saved or created” formulation earlier this year.

Seems a little flimsy sir!  Based on all the variables, how did you reach such a precise number?

“What we have to do is rely on the fact that our public officials are honest.”

Oh!  Why didn’t you say that in the beginning?

From the Frugal Cafe Blog Zone … “Exaggeration Proclamation: Obama’s Economic Plan Overstated, by Thousands, Jobs Claimed Were Created“