Best of the Week
Most Popular
1.SNP Offers Labour Deadly Death Embrace Alliance, Holding England to Ransom, Destroy UK From Within - Nadeem_Walayat
2.Gold And Silver – Most Widely Used Currency In Western World? Stupidity - Michael_Noonan
3.Election Forecast 2015 - Coalition Economic Recovery vs Labour Collapse - Nadeem_Walayat
4.Election Forecast 2015 - Debates Boost Labour Into Opinion Polls Seats Lead - Nadeem_Walayat
5.Why are Interest Rates So Low? Ben Bernanke, Confused as Ever, Starts His Own Blog to Prove It - Mike_Shedlock
6.Leaders Debate Election 2015 - Natalie Bennett Green Party Convincing Anti-Austerity More Debt Argument - Nadeem_Walayat
7.Labour Economic Collapse vs Coalition Recovery - UK Election Forecast 2015 - Video - Nadeem_Walayat
8.China’s Stock Market Mania; How High can Red-chips Fly? - Gary_Dorsch
9.Gold and Misery, Strange Bedfellows - 31st Mar 15 - Dan_Norcini
10.Ed Miliband Debate Election 2015 Analysis - Labour Spending, Debt and Economic Collapse - Nadeem_Walayat
Last 5 days
Inflation, Central Banks, and Business Cycles - 18th Apr 15
Stock Market Correction May be Nearing End - 18th Apr 15
UK Housing Crisis, Immigration, Population Growth, Election Forecast 2015 - Video - 18th Apr 15
Q1 Corporate Earnings Risky for Stocks - 17th Apr 15
US Stock Market Getting Scarier by the Day - 17th Apr 15
Stock Market Watershed Day - 17th Apr 15
Gold Price Has “Hallmarks Of Market That Is Bottoming” - 17th Apr 15
Chinese Stock Market - Men Go Mad in Herds - 17th Apr 15
Two Stocks Offering Investors High Yields and Profits - 17th Apr 15
Gold Price Has “Hallmarks Of Market That Is Bottoming” - 17th Apr 15
Chinese Stock Market - Men Go Mad in Herds - 17th Apr 15
Two Stocks Offering Investors High Yields and Profits - 17th Apr 15
King Dollar Hurting Stock Market Corporate Earnings! - 17th Apr 15
Production Declines Hide Bigger Crude Oil Storage Issues - 17th Apr 15
Top Three Takeaways From Today’s OPEC Crude Oil Report… and How You Can Profit - 17th Apr 15
How to Profit from Australia's Healthiest Biotech Stocks - 17th Apr 15
What Is Really Driving Gold Price? - 17th Apr 15
Will Ever More Boomers Selling Retirement Assets Change Investment Prices For Decades? - 16th Apr 15
Won't Be Contagion with 'Grexit' Greece Euro-zone Exit - 16th Apr 15
Sharp Decline in USD/CAD and Its Consequences - 16th Apr 15
Blackstone is like Apple, Google, Hermes, Boeing - 16th Apr 15
The Most Dangerous Financial Headline I've Seen Since the 2008 Crisis - 16th Apr 15
Is Legal Tax Avoidance Extinct in the UK? - 16th Apr 15
Why Russia Will Send More Troops to Central Asia - 16th Apr 15
More Thoughts on the Current Crude Oil Market - 16th Apr 15
U.S. Treasury Secretary Warns Greek Exit Will Cause Enormous Disruption and Hardship - 16th Apr 15
The Hottest New Place to Find Stock Dividend Income in Q2/2015 - 15th Apr 15
How to Escape the Pensions Squeeze - 15th Apr 15
Water Crisis Game Changing Water Revolution - 15th Apr 15
The Drying of California - Corporate Farms Control of Water - 15th Apr 15
OPEC Going Broke, Dumping U.S. Dollars. Is That Good Or Bad? - 15th Apr 15
OPEC Just Confirmed It’s Losing the Oil War - 15th Apr 15
Four Uranium Companies Poised to Profit from the Growth of Nuclear Power - 15th Apr 15
Stock Investing Tread Softly… and Carry a Big Risk-Management Calculator - 15th Apr 15
Crude Oil Price Technical Outlook - 15th Apr 15
Important Bitcoin Price Action - 15th Apr 15
UK House Prices, Immigration, Population Growth and Election Forecast 2015 - 15th Apr 15
Peter Schiff on U.S. Dollars, Drachmas and Debt - Video - 14th Apr 15
The Ultimate Middle East Dilemma: Time For Us To Stop Intervening? - 14th Apr 15
Greece Debt Default and Drachma By End of April? - 14th Apr 15
Coming to Terms With the American Empire - 14th Apr 15
The Ball is in the Stock Market Bulls Court - 14th Apr 15
Tech Stocks Bubble: Different this time? - 14th Apr 15
Stock Market Sixth Sense - 14th Apr 15
Separating Gold and Silver Stocks Saints from the Sinners - 14th Apr 15
Conservatives Bribe Labour Voters by Extending Right to Buy to Housing Association Tenants - 14th Apr 15
Stacking Silver = Simple Solution - 13th Apr 15
Why Markets Ignored Weaker Payrolls - 13th Apr 15
Tory Attack on Ed Milliband Backfires as Labour Takes Opinion Polls Lead - 13th Apr 15
A "Digitalized" Stock Profit Play Mr. Spock Would Love - 13th Apr 15
New Credit Crunch Underway: Can Recession Be Far Behind? - 13th Apr 15
Western Interest in Gold Continues to Decline - 13th Apr 15
Stock Markets Breaking Out Worldwide - Buy the Dips Ride the Trend - 13th Apr 15
Silver Price set up to get Whacked Again - 13th Apr 15
Gold Price Dome Cap, Fall Below $1000 Likely - 13th Apr 15
Stock Market Accumulation or Distribution - 13th Apr 15
BLS Economic Propaganda, Truth – The Cure for Cognitive Dissonance - 12th Apr 15
A Case for Monetary Independence - 12th Apr 15
Drought and the Failure of Big Government in California - 12th Apr 15
Stocks Bull Market Continues - 11th Apr 15
Why the American Consumer Will Never Be Back - 11th Apr 15
End Of Islam, Hinduism And Christianity And Rise Of The Age Of Humanism, Spirituality And The Universal God - Sanadhana Dharma - 11th Apr 15
Gold And Silver Nothing Of Substance Going On. Fiat “Dollar” Controlling? - 11th Apr 15
The Most Dangerous Financial Headline I’ve Seen Since 2008 - 11th Apr 15
Alibaba Pggybank Investment Will Make You a Millionaire - 11th Apr 15
Ghosts In The Machine - Population Growth vs Food Production - 11th Apr 15
Gold-Futures Short Covering Rally - 11th Apr 15
Is Bitcoin Price Going down Some More? - 11th Apr 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

US Historic Bubble

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

© 2005-2015 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