Obama's math shows more job losses if his plan works

"Now, I understand that some might be skeptical of this plan. Our government has already spent a good deal of money, but we haven't yet seen that translate into more jobs or higher incomes or renewed confidence in our economy," Mr. Obama said.

Mr. Obama has said repeatedly he wants to create or save 3 million jobs. But on CNBC yesterday, he said the U.S. might lose 5 million jobs next year. 

"I do feel confident that we can create or save three million jobs. We've already lost at least two. We're going to get a jobs report at the end of this week which probably will indicate we've lost at least another half million jobs. And, you know, if we start seeing three, four, five million additional jobs lost next year, that's going to be a crisis that we haven't seen in a very long time, and we've got to nip that in the bud," he said.

But if you add up Mr. Obama's numbers, it appears he's saying that if his plan succeeds, the U.S. could still lose two million jobs, which is the same number lost under President Bush.