Best of the Week
Most Popular
1.UK House Prices Momentum Crash Threatens Mini Bear Market 2017 - Nadeem_Walayat
2.Perfect Storm - This Fourth Turning has Over a Decade of Continuous Storms to Come - James_Quinn
3.UK House Prices Momentum Crash Warns of 2017 Bear Market - Video - Nadeem_Walayat
4.Billionaire Investors Backing A Marijuana Boom In 2017 - OilPrice_Com
5.Emerging Markets & Basic Materials Stocks Breaking Out Together - Rambus_Chartology
6.Global Currency Reserve At Risk - Jim_Willie_CB
7.Gold and Silver: Your Stomach Is Probably Wrenching Right Now - The_Gold_Report
8.Warning: The Fed Is Preparing to Crash the Financial System Again - Graham_Summers
9.Basic Materials and Commodities Analysis and Trend Forecasts - Rambus_Chartology
10.Discover Why A Major American Revolution Is Brewing - Harry_Dent
Last 7 days
You Are Being Lied To About “Low” Gold Demand - 19th Aug 17
This is Why Cocoa's Crash Was a Perfect Setup - 19th Aug 17
Gold, Silver Consolidate On Last Weeks Gains, Palladium Surges 36% YTD To 16 Year High - 19th Aug 17
North Korea Is Far From Being Irrational… It Has A Plan - 18th Aug 17
US Civil War - FUNCTIONAL ILLITERATES TRYING TO ERASE HISTORY - 18th Aug 17
Bitcoin Hits New All-Time High Over $4,400 As It Catches Paypal In Total Market Cap - 17th Aug 17
3 Psychological Ingredients behind Great Web Content - 17th Aug 17
The War on Cash - Rogoff, Orwell and Kafka - 17th Aug 17
The Stock Market Guns of August, Trade Set-Up & Removing your Rose Tinted Glasses - 16th Aug 17
Stocks, Bonds, Interest Rates, and Serbia, Camp Kotok 2017 - 16th Aug 17
U.S. Stock Market: Sunrise ... Sunset - 16th Aug 17
The Next Tech Crash Could Delay Your Retirement by a Decade - 15th Aug 17
Gold and Silver Precious Metals Nearing Breakout - 15th Aug 17
North Korea Showdown: Pivotal Market Turning Point - 15th Aug 17
Tech Stocks DOT COM Bubble Do-Over? - 14th Aug 17
Deep State Conspiracy or Chaos - 14th Aug 17
From the Trans-Atlantic Axis and the Trans-Asian Axis - 14th Aug 17
Stock Market Intermediate Correction Underway - 14th Aug 17
The Islamic State Jihadi Pivot to Asia - 13th Aug 17
Potential Pivots Upcoming for Stocks and Gold - 13th Aug 17
North Korean Chinese Proxy vs US Military Empire Trending Towards Nuclear War! - 12th Aug 17
Gold Stocks Coiled Spring - 12th Aug 17
Neil Howe: The Amazon-Walmart Rivalry Will Determine the Future of Retail - 12th Aug 17
How to Alton Towers Half Price Discount Entry 2017 and 2018, Any Time, No Pre-Booking! - 12th Aug 17
Top 3 Technical Trading Tools Part 2: Relative Strength Index (RSI) - 11th Aug 17
What Makes Women Better Investors - 11th Aug 17
Crude Oil Price Precious Metals Link in August - 11th Aug 17
Influencer Marketing Predictions All Businesses Should Take Into Account - 11th Aug 17
Really Bad Ideas - Government Debt Isn’t Actually Debt - 10th Aug 17
Gold Sees Safe Haven Gains On Trump “Fire and Fury” Threat - 9th Aug 17
Why Is The Stock Market Not Trading On Fundamentals Lately? - 9th Aug 17
USD/CAD - Can We Trust This Breakout? - 9th Aug 17
New Monthly Rebate to Help Reduce Your Trading Costs - 9th Aug 17
Stock Market Divergences Are Now Appearing! - 9th Aug 17

Market Oracle FREE Newsletter

3 Videos + 8 Charts = Opportunities You Need to See - Free

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

© 2005-2017 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

Catching a Falling Financial Knife