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If job creation continues at this rate, all the jobs lost at the beginning of Obama's term will have returned before the election later this year. This is obviously good news for Americans, but it's good news for the President as well.
The creation of approx. 200k new jobs each month is not going to dramatically reduce unemployment, however it's quite difficult for Republicans to argue that Obama's policies have "made things worse" (their words). When presented with the data, all but the most closed-minded GOP partisans understand that the economy was in a terrible free-fall prior to Obama's swearing in.
If the most powerful Republican argument against Obama is that he failed to properly manage the awful recession, aren't they going to have a difficult time of it? Assuming we don't see any sudden return of job losses. They'll be left arguing that job creation would've been stronger under, I guess, a McCain presidency? It's a hard thing to prove.