It's not incorrect--but that's also not what democrats are saying. Instead of saying X private sector jobs have been lost, and Y public sector jobs have been created, they are "taking the total number of net private sector jobs lost under Bush and presenting the figure as if it represents the total net job loss for his presidency.

If you want to play # games, technically speaking it is also correct to say that millions of people lost their jobs under Clinton. Who cares? What's most important is the net number of jobs lost/gain during the presidency, and the democrats are clearly spinning the truth.