Best of the Week
Most Popular
1. Best Cash ISA Savings Account for Soaring UK Inflation - February 2018 - Nadeem_Walayat
2.Gold Price Forecast 2018 - February Update - Nadeem_Walayat
3.Bitcoin Crypto Currencies Crash 2018, Are We Near the Bottom? - Nadeem_Walayat
4.Trump Bubble Bursts, Stock Market Panic Dow 1175 Point Crash Analysis - Nadeem_Walayat
5.Gold Corrects, Bitcoin Markets Crash, Whilst Stocks Plunge - Nadeem_Walayat
6.US Treasury Bonds: Fuse to Light the Bonfire - Jim_Willie_CB
7.Dow Falls 666 Points As Cryptocurrencies Crash And Krugman Emerges From His Van - Jeff_Berwick
8.Stock Market Roller Coaster Crash Ride Down to Dow Forecast 23,000 - Nadeem_Walayat
9.Trading the Shadows - Oil, Dollar, Stocks, Gold Trend Analysis - B.R. Hollister
10.Stock Market Analysis: Baying for Blood - Abalgorithm
Last 7 days
1 Week Later, Stock, Bond Market Risk Remains ‘On’ as 2 of 3 Amigos Ride On - 17th Feb 18
Crude Oil Prices: A Case of Dueling Narratives? - 17th Feb 18
Free 1000 Youtube Subscribers Services - YTpals, Subpals, SubmeNow Test - 17th Feb 18
How to Trade as We Near March Stock Market Top - 16th Feb 18
Bitcoin as Poison - 16th Feb 18
GDX Gold ETF Weathers Stock Market Selloff - 16th Feb 18
Casino Statistics and Demographics - 16th Feb 18
IS Today Thee Stock Market Turn Day? - 16th Feb 18
Huge SMIGGLE Shopping HAUL, Pencil Cases, Drinks Bottles, Back Packs, Toys.... - 16th Feb 18
Tesla Cash Keeps Burning at $320 a Share - 15th Feb 18
Big Conflict Ahead in the Financial Markets - 15th Feb 18
Stocks Extend Rally Off Friday's Low, But Short-Term Exhaustion Near - 15th Feb 18
Stock Market Out on a Limb... - 15th Feb 18
Things Only a True Friend Would Say About Gold - 14th Feb 18
Global Debt Crisis II Cometh - 14th Feb 18
Understanding Crude Oil Behavior - 14th Feb 18
Stock Market is Getting Scary... - 14th Feb 18
Stock Market - This Time is Different. Really?! - 13th Feb 18
Gold and Silver Long-term Buy, Short-term Sell Signal - 13th Feb 18
SPX Futures Are Sliding... - 13th Feb 18
Stock Market Topping Process Begins. The Bubble Finds its Pin - 13th Feb 18
Math Behind the Stock Market Crash and What’s Next – PART2 - 13th Feb 18
Gold Stocks Groundhog Week - 13th Feb 18
Platinum Looks Poised for Surprising Gains This Year - 12th Feb 18
Friday's S&P 500 Stock Market Bounce To Continue, But Selling May Resume - 12th Feb 18
The Inflation Trade and Bond Yields Rising Result in Equities Correction - 12th Feb 18
February 2018 Stock Market Crisis – What Next? - 12th Feb 18
How To Profit From The Bitcoin Bloodbath - 12th Feb 18
The Philippine Economic Dream Could Be Within the Reach  - 12th Feb 18
Is the Stock Market Correction Over? - 12th Feb 18
What Does the Stock Market Decline Mean for Gold - 12th Feb 18
Addicted to SMIGGLE Mega Review, Pencil Cases, Stationary, Back Packs, Drinking Bottles, Toys... - 12th Feb 18
Best Cash ISA Savings Account for Soaring UK Inflation - February 2018 - 11th Feb 18
The Fed’s Impossible Choice, In Three Charts - 11th Feb 18
US Stock Market, Gold, Silver and the Macro Backdrop - 11th Feb 18
After Two weeks of Stock Market Decline, People Are Ssking, “Are We There Yet?” - 11th Feb 18
How to Grow Tomatoes From Seeds, Homegrown Organic Money Saving Gardening - 11th Feb 18
Youtube KILLS ALL Small Channels with New DeMonetization Rules - 11th Feb 18
Lot of Stock Market Damage to Be Caused before New the Fed Chief Will React - 10th Feb 18
Best Ways to Make Money - 10th Feb 18
Stock Market Selling Unleashed! - 10th Feb 18
How to Get Free Youtube Subscribers to Get to 1000, YTpals, Subpals, SubmeNow, Do they Work? - 10th Feb 18
Stock Market Buy or Sell? This Insight May Help You Decide - 9th Feb 18
Stock Market Roller Coaster Crash Ride Down to Dow Forecast 23,000 - 9th Feb 18
What Is Stock Market Volatility Telling Us Now? - 9th Feb 18
Crude Oil $100 Price in 2019? - 9th Feb 18

Market Oracle FREE Newsletter

Urgent Stock Market Message

From Obamacare to Taxes: 5 Hot Topics Politicians Love to Lie About

Politics / US Politics Mar 28, 2012 - 05:30 AM GMT

By: Money_Morning

Politics

Best Financial Markets Analysis ArticleDavid Zeiler writes: Political lies are as old as the Republic, but that doesn't make the practice any less of an insult to the American people.

Whether they are about Obamacare or taxes, political lies are a special kind of deception.


Rarely are they blatantly false. Political lies rely on misrepresentation of facts and convenient omissions that make their target look better - or worse - than it really is.

So convincing are today's politicians and their minions it's not even clear they always realize when they're bending facts past the breaking point.

"The problem is we never know whether they believe what they're saying or not," Brendan Nyhan, a Dartmouth political scientist and author ofAll the President's Spin, told USA Today.

At least three fact-checking organizations - the Annenberg Public Policy Center's FactCheck.org, the Washington Post's Fact Checker column and the Tampa Bay Times' PolitiFact - do their best to point out the almost daily deceptions.

But politicians know that few citizens ever visit such Websites. And that's what politicians and their surrogates are counting on.

"I don't think [the fact checkers] make a whit's worth of difference," Rick Tyler, a senior adviser to Winning Our Future, a super PAC that supports Newt Gingrich, told USA Today. "Millions more people will see [our] ad than will ever see the political fact check."

That doesn't deter the fact checkers, however. The constant stream of political lies has been keeping them very busy lately.

Here are five issues that have been particularly prone to political lies over the past several months. You'll probably hear variations of these all the way through the 2012 election.

•Obamacare: Brooks Jackson, head of FactCheck.org, says the 2010 Affordable Care Act is "the most lied about legislation I have seen in all my years in Washington." And it's not just Republicans twisting the truth on this one, but Democrats, too (although in the opposite direction).

Let's start with a new 17-minute campaign film released by President Barack Obama's re-election campaign. The film implies that the law has arrested health care costs, which it says had been rising three times the rate of inflation. But FactCheck.org found that health care costs have increased just as quickly since the law passed. Not only that, but experts told FactCheck.org that the health care law was partly responsible for the 2011 increase.

On the Republican side, presidential candidate Rick Santorum has on several occasions claimed that the law will result in 100% of Americans dependent on some form of government help. PolitiFact begs to differ: "It's likely that the new health care law will increase the number of Americans receiving benefits from the federal government, but it's highly unlikely that it will push the percentage beyond 60% -- far from the 100% Santorum claims. We rate his claim False."

•Oil Reserves: With gasoline prices soaring, both sides have been eager to lie about oil. To support his contention that the United States needs alternatives to imported oil, President Obama has pointed out on multiple occasions that the nation uses 20% of the world's oil output but has just 2% of the world's oil reserves. The Washington Post's Fact Checker notes that while both facts are true, they bear no relation to each other. Oil reserves and oil production are two very different things.

Republicans, most notably presidential candidate and former Speaker of the House Newt Gingrich, have claimed that tapping more of those oil reserves in the United States could drop the price of gas to $2.50 a gallon. Most experts say there's little the government can do to lower the price of gas, a point emphasized by last week's Associated Press statistical study that showed no historical connection between increased rates of U.S. oil production and the price of gas at the pump.

•The Automaker Bailout: Expect to hear lots of political lies on this topic. During one of the countless Republican debates, presidential candidate Mitt Romney said that President Obama "gave" the auto companies to the United Autoworkers of America (UAW) union. While the bailout deal did give the UAW's health care trust some company stock, PolitiFact pointed out, that hardly qualifies as "giving" the automakers to the union. Furthermore, the trust is independently run. PolitiFact ruled the statement "False."
Meanwhile, President Obama has been overstating the bailout's success. The president's new campaign film strongly implies the now-thriving automakers have paid back in full the $80 billion the government loaned them. But FactCheck.org says only half of that money has been repaid so far.

•Alternative Energy Policies: Political lies about oil reserves are just a sliver of the energy-related falsehoods you'll hear this year. President Obama recently said that algae-based biofuel could replace up to 17% of U.S. oil imports. Not so fast, countered the Post's Fact Checker. It found that algae-based biofuel would not be cost-competitive with gasoline until oil hits $800 a barrel - more than seven times the current price.

Republicans have been hitting back with attacks on the law that phases out the incandescent light bulb. Mitt Romney specifically blamed "Obama regulators" and quipped that the Wright brothers would have had a hard time inventing under Obama. Romney should have taken a closer look at the light bulb law; it was passed in 2007 and signed by President George W. Bush.

•Taxes: Money issues always elicit overblown rhetoric. The political lies on this topic from the past year alone could probably fill a book.

One of the most frequently repeated whoppers is President Obama's claim that the U.S. is "poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans." First off, the president is not referring to the 2013 budget, as most listeners might assume, but a ten-year projection. And what's more the nation is not on track to spend that money. The Bush tax cuts President Obama is talking about are scheduled to expire for all taxpayers at the end of this year. Only legislation passed by Congress and signed by President Obama can extend the Bush tax cuts again, with a ten-year extension being extremely improbable. As FactCheck.org put it: "Saving money is not the same thing as spending money if the payments are automatically scheduled to stop."

President Obama has often spoken of his desire to raise taxes on millionaires and billionaires. Republicans usually counter with the argument that such taxes would unfairly target small business owners, who they claim make up more than 50% of this group. Turns out the Treasury Department did a study last fall that showed the Republican claims to be greatly exaggerated. Only 1.4% of all small business owners even fall into the tax category of millionaire. And of that group, only 13% derive at least 25% of their gross income from their small business (GOP critics use a broader definition that includes any small business income, no matter how small.). So practically speaking, only a tiny group of small business owners would be affected by any new "millionaire tax."

Source :http://moneymorning.com/2012/03/28/from-obamacare-to-taxes-5-hot-topics-politicians-love-to-lie-about/

Money Morning/The Money Map Report

©2012 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules