Best of the Week
Most Popular
1.Gold And Silver Voodoo Analysis Price Forecasts - Austin_Galt
2.UK Saved From I.S. Threat But Scottish Independence Nightmare is Not Over! - Nadeem_Walayat
3.Silver Price At or Very Close to an Important Low - Clive_Maund
4.Gold And Silver - PetroDollar On Its Deathbed? PMs About To Rally? No - Michael_Noonan
5.Gold and Silver Bear Phase III Dead Ahead - Rambus_Chartology
6.Stock Market Major Selloff Looms - Zeal_LLC
7.Inflate or Die! When Leverage Fails and Market Hope Turns to Fear - Ty_Andros
8.Gold Price Very Close to an Important Low - Clive_Maund
9.Market Forecasts for Stocks, Gold, Silver, Commodities, Financials and Currencies - EWI
10.U.S. Aggression - Will Russia and China Hold Their Fire? - Paul_Craig_Roberts
Last 5 days
Stock Market Wil-e-Coyote Moment May Have Arrived - 1st Oct 14
Europe Teetering the Ddge of a "Japan-style" Deflation - 30th Sept 14
Economists Economic Atonement - 30th Sept 14
Everything You Need to Know About the Stock Market S&P Index Until Christmas - 30th Sept 14
Singapore Becoming Global Gold Hub - Launches Kilo Bar Contract And Gold ATMs - 30th Sept 14
Germany Fights on Two Fronts to Preserve the Eurozone - 30th Sept 14
Turn the Tables on the Gold and Silver Market Manipulators - 30th Sept 14
U.S. 2014 Election Business as Usual - 30th Sept 14
Gold - Time to Buy the Dip? - 30th Sept 14
Urging Investors to Stay Liquid for the Coming Gold Stocks Boom - 30th Sept 14
The Japanese Deflation Myth and the Yen’s Slump - 29th Sept 14
Epic Investor Optimism that Can Be Reversed Only by a Huge Stocks Bear Market - 29th Sept 14
Russia’s Gokhran Buying Gold Bullion In 2014 and Will Buy Palladium In 2015 - 29th Sept 14
The End of Monetary Policy - 29th Sept 14
Here's What Rising Interest Rates Really Do to Your Shares - 29th Sept 14
Is a Credible Stock Market Top Forming? - 29th Sept 14
Silver Price At or Very Close to an Important Low - 29th Sept 14
Gold Price Very Close to an Important Low - 29th Sept 14
Nihilism And The Unknown Future - 29th Sept 14
Stock Market S&P, NAS Change In Trend? None Apparent, But A Caveat - 29th Sept 14
UK Saved From I.S. Threat But Scottish Independence Nightmare is Not Over! - 29th Sept 14
U.S. Aggression - Will Russia and China Hold Their Fire? - 28th Sept 14
Currency Wars and the Death of the Euro - Audio - 28th Sept 14
Obscure Maritime Law Practically “Guarantees” Profits for These Energy Companies - 28th Sept 14
Stock Market Primary IV Underway? - 27th Sept 14
Darwin And The Climate Apocalypse - 27th Sept 14
The Global Middle Class and Copper Consumption, A Stop Spike Event - 27th Sept 14
Can Money Save The Climate? - 27th Sept 14
Gold And Silver - PetroDollar On Its Deathbed? PMs About To Rally? No - 27th Sept 14
Debt and Inflation Consquences of American Fear - 27th Sept 14
U.S. and Global Confidence are in Divergence - So Are Stock Markets - 27th Sept 14
Are U.S. Cars About to Crash? - 27th Sept 14
Why the U.S. Created and Armed ISIS From Libya to Syria - 27th Sept 14
Stock Market vs the Developing Bear Market for Liberal Democracy? - 26th Sept 14
Stock Market Major Selloff Looms - 26th Sept 14
How My Charts Uncovered Two Big Stocks That Are Soaring Like Small Caps - 26th Sept 14
What Cycles Reveal About Stock Market Crash - 26th Sept 14
Gold Not A Safe Haven On Terrorism, Middle East Bombing, Russia ... Yet - 26th Sept 14
Valuing Gold and Turkey Farming - 26th Sept 14
Gold $1200 Underpinned by Physical Demand - 26th Sept 14
Inflate or Die! When Leverage Fails and Market Hope Turns to Fear - 26th Sept 14
Market Forecasts for Stocks, Gold, Silver, Commodities, Financials and Currencies - 26th Sept 14
Gold and Silver Bear Phase III Dead Ahead - 26th Sept 14
The Home Depot Breach Boils Our Blood – and It Should - 26th Sept 14
Why the Pundits are Wrong About Crude Oil Prices - 26th Sept 14
Where’s the Economic Growth? - 26th Sept 14
Stock Market Future Bull - 25th Sept 14
The Specter of Global Debt Default is Once Again Rearing its Head - 25th Sept 14
All Major Market Analysis and Forecasts Investor Open House has Started! - 25th Sept 14
Federal Reserve Policies Cause Booms and Busts - 25th Sept 14
Currency Wars Deepen - Russia, Kazakhstan Buy Very Large 30 Tons Of Gold In August - 25th Sept 14
Strong U.S. Dollar Pressures Gold - 25th Sept 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The Most Exciting Event in the History of Technical Analysis

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

© 2005-2014 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

Free Report - Financial Markets 2014