no need to create jobs when unemployment stays below 5%which is equivalent to full employment. It is properly said that there are always 5% unable or unwilling to work.
Exactly. It's their way of lying without lying (in their minds). They are not saying Bush had worse unemployment or fewer people working (or the Obama has better employment or more people working). Which is the way they know most people will interpret it.
They are saying that Bush hasn't personally created more jobs under his administration than Obama. It's how they are saying MA had worse job "creation" under Romney even though unemployment was less when he left than when he came into office.