- Social Security: If you are a social security recipient, you are in luck - for right now. Yesterday, Wednesday,
October 10, 2012, it was announced that recipients would receive a 2% cost of living raise. On the other hand,
depending who is president, that raise may be delayed.
- The claim that we spend far more on corporate welfare than "entitlement" welfare is true and those government
savings do not help small bushiness. Instead, it influences the tax code to further enrich large corporations. Thus,
this hurts social security and social welfare programs.
- One of the candidates claim that 47 percent of the American public are "dependent on government," "believe that
they are victims" and "believe the government has a responsibility to care for them." He also claimed that the 47
percent of Americans who don't pay federal income taxes are strong supporters of his opponent because they are
so dependent on government benefits that his opponent freely provides.
- According to PolitiFact:
- The claim that the tax cut loopholes give incentives for companies that are shipping jobs overseas is true. Firms
with international operations can take advantage of tax loopholes that domestic firms can not. The value of these
is in the billions. Such tax laws might not be the deciding factor for companies to locate in foreign countries, but
they make that choice more lucrative.
- The claim that Romney’s plan will raise taxes on Social Security benefits on senior to $460 is true, unless some
numbers are heavily tweaked. If not, middle-class taxpayers would end up paying more.
- The claim that under Obama, taxes on families are at their lowest point in 50 years is true. According to both the
CBO and Politifact, average tax rates are in fact lower than most years in the past five decades for three income
* NOTE: They must remain insured.
- If you are an avid news watcher, you would have heard that at first Romney says his health care plan covers
preexisting conditions, and then he would later admit that it does not. However, later, he will again say that it does
and later go back and admit that it does not. Well, according to PolitiFact, it does if the person is already insured -
meaning that Romney's plan does not cover those who currently do not have insurance.
- The claim that stimulus money was spent to purchase electric cars from Finland as a payback is false.
- According to the Office of Management and Budget and Tax Policy Center, the claim that tax revenues are the
lowest they have been since World War II is true.
- The claim that the President has not outlined his plan to reduce the federal deficit by $4 trillion, is not true. Instead,
in a 80-page report issued in September 2011 and again in the President’s budget proposal released in February,
the Obama administration has laid out detailed proposals and dollar amounts for how to achieve more than $4
trillion in savings over the next decade.
- Education: The claim that Romney plans to end Pell Grants for 84,000 students is true. The Department of
Education estimated that 84,000 students -- 1.6 percent of Pell Grant recipients -- would lose eligibility for the
- The claim that the rich are getting richer and the poor are getting poorer is true. Well, at least we know for a fact
that the rich is definitely getting richer. A study from Capgemini and Bank of America Merrill Lynch showed that
the world's population of high-networth individuals (HNWI), with $1 million or more in investable assets, jumped
8.3% over the last year to a total of 10.9 million people. That number is up from the 2007 tally of 10.1 million
tycoons. According to Forbes, there are more rich people today than there were before the credit crisis destroyed
Lehman Brothers and Bear Stearns and nearly crippled the world's financial industry. "Not only are there more
rich, but they're also richer. Their financial wealth jumped 9.7% over the last year to $42.7 trillion. Meanwhile,
the U.S. GDP grew 1.9% in the first quarter of 2011, according to the U.S. Department of Commerce." These
may or may not be inflation adjusted, but they are facts. Now read on…
- Unemployment or unemployed: If you have ever wondered who controlled the unemployment rate, consider
large companies such as those owned by David Siegel, Richard Lacks and John Schnatter. These people have
publicly said that they will hurt their employee's way of living if their choice candidate is not elected president. I
don’t know about you, but I cannot help but to wonder how many others have made this claim. I have no doubt
there are more companies that feel this way it’s just that we haven't heard about them - yet.
- The claim that since President Barack Obama took office, "2 million more Americans are out of work" is not true.
According to the BLS, CBO and Politifact: The economy lost 2.5 million jobs between January 2009 and May
2011, according to employment figures from the Bureau of Labor Statistics. The economy gained 1 million jobs in
the year claim was made. Also, from October 2009 to December 2011, the economy gained jobs. Nonfarm
payrolls actually rose by about 2.4 million. Unemployment dropped from 10 percent to 7.5 percent.
- The Bureau of Labor Statistics reported on Wednesday in its “Job Openings and Labor Turnover Summary”
(JOLTS) that the number of U.S. job openings in August was 3.6 million, essentially unchanged from July. The
number of openings was little changed in all industries except accommodation and food services, where the
number decreased. The number of job openings in August 2012 increased year after year for total jobs and total
private-sector jobs, but was little changed for the public sector. Job openings increased since August 2011 for non-
durable goods manufacturing, wholesale trade, finance and insurance, and federal government, with the latter
balanced out by decreasing job openings at other levels of government. In August, what JOLTS calls the “quits
rate” was unchanged for total jobs, total private-sector jobs, and government jobs. Quits are generally voluntary
separations initiated by the employee, which means that the quits rate can serve as a measure of workers’
willingness or ability to leave jobs and thus a measure of the jobs market.
- Romney claims that 90 percent of cities saw unemployment rise in June, but that is not true. According to
PolitiFact, "even the highest seasonally adjusted calculation we made is just half the size of the 90 percent cited in
the ad. And excluding volatile month-to-month figures by looking at a full year-long comparison actually leads to
the exact opposite conclusion from the one drawn in the ad: Better than 90 percent of metro areas saw
unemployment drop, not rise, over the previous year.
- Political Economist, Robert Reich says that indeed the poor are getting poorer and the rich are getting richer. He
said, "All Americans used to be in roughly the same economic boat", but that has all changed. He described large
company's habits of moving overseas to lower production costs to increase their profit margin. It used to be that
the little guy had a chance to make it but today that has changed as the rich can get a better profit if they can find
a way to make their goods cheaper. And the cheaper way to make cheaper goods, is to get them made overseas.
Profits over people seem to be the norm and a better way for the rich to keep their money. Of course the middle
and lower class suffers, but… Anyway, this has something to do with regulations.
- The claim that Romney has money invested in China's businesses is true and the Romney campaign confirms this.
In particular, news reports show as recently as this year that Romney had money invested in funds that owned
shares in two Chinese firms. The amount is not likely to be large, certainly relative to Romney’s sizeable assets,
and might be minor in absolute terms as well, due to the dilution that comes with funds with multiple investors and
- Romney says that Florida's housing woes is due to Obama, but according to the CBO and PolitiFact, the problems
in Florida began well before Obama was elected. Analysts say they have been driven by a natural and inevitable
market correction much more than by any government policies. The decline in home values happened on Bush’s
watch, and in the last year Florida housing has again begun to appreciate.
- The claim that the Republican Party platform says "pull back even more of the rules on campaign finance
reform get rid of McCain-Feingold" is true. While the Democratic Party platform says "we want to find a way
to put more fair rules on campaign finance reform." It also states, "we support campaign finance reform, by
constitutional amendment if necessary." The GOP platform states: "we support repeal of the remaining
sections of McCain-Feingold." Campaign finance reform refers to super PAC money. The Republicans want
endless spending while the Democrats want it to be limited.
- And just how much money is being spent on campaign ads? Try $544 million dollars.
- Some have questioned and/or claimed whether the economy is worse under Obama: Well, it depends on who you
ask. Well simply put, according to the Wall Street Journal, owned by Republican Rupert Murdoch, it polled
Americans and tallied the following:
October 2011 - 21% of Americans believed the economy was improving
July 2012 - 27% of Americans believed the economy was improving
August 2012 - 36% Americans believed the economy was improving
September 2012 - 42% Americans believed the economy was improving
October 2012 - 44% Americans believed the economy was improving
- Additionally, according to the non-partisan Congressional Budget Office, they found that the economic stimulus
Obama signed into law added -- in the 4th quarter of 2009 -- between 1 million and 2 million employed workers and
boosted the GDP between 1.5% to 3.5% higher than it would have been without the stimulus. In addition, a more
recent CBO study -- for the second quarter of 2011 -- found that the stimulus raised real GDP between 0.8% and
2.5% and lowered the unemployment rate between 0.5 and 1.6 percentage points, compared with what would have
occurred without it. And another analysis, by economists Alan Blinder and Mark Zandi, estimated that the stimulus
raised 2010 real GDP by 3.4%, held the unemployment rate about 1.5 percentage points lower, and added nearly
2.7 jobs to U.S. payrolls. Looking solely at quarterly Gross Domestic Product, it's gone from -6.7% in the first
quarter of 2009 and -0.7% in the second quarter of '09, to positive territory ever since -- including 2.8% the past
quarter. And looking at monthly payroll statistics, the numbers have gone from a loss of 818,000 jobs in Jan. 2009
-- when Obama took office -- to 16-straight months of positive job growth, including a preliminary gain of 243,000
jobs in Jan. 2012.
- Obama claims that Romney's plan would add "trillions" to the deficit. Well, as of today, the independent analysts
say that Romney's plan is so vague that it's difficult to know how his plan will impact the federal budget. What are
missing are the politically sensitive details on which programs he would cut and which tax breaks he would reduce.
"What we do know indicates his plan could drive up deficits, potentially a great deal." As Jon Stewart says, only if
Romney is a wizard that his plan would not increase the deficit.
- The claim that Obama has the worst record on female labor force participation, is not true. Instead, the increases
for presidents between 1948 and the late 1980s are largely due to broader social trends beyond the control of any
president, so saying that Obama did worse than them is a red herring. Meanwhile, other cuts at the data paint a
different picture. Under Obama, the decline in workforce participation for women was actually smaller than it was
for men, and calculating the data using slightly different age groups shows that George W. Bush had a slightly
- During the Vice Presidential debate with V.P. Joe Biden, Congressman Paul Ryan requested that he not be
referred to as "Congressman Ryan" but simply as "Mr. Ryan."
- In my opinion, he did this to remove himself from the failing Congress.
- Housing Market: In most districts reported strengthening in existing home sales, while prices were described as
steady to increasing, with declining inventories noted in the Boston, Atlanta, Minneapolis, Dallas and San Francisco
Districts.” Multifamily construction, in particular, was described as robust in a number of districts, and residential
rental markets continued to be strong, even in the New York and Atlanta Districts, where rents increased
somewhat less strongly this time around than in recent months. Commercial real estate, on the other hand, was
“mixed.” Some office markets—especially in the Northeast—showed signs of softening, while other districts were
more mixed or even stable. “Industrial markets showed some strength in the New York, Philadelphia, Cleveland
and Atlanta Districts, while softer conditions were noted in Richmond,” the report noted.
- The debt ceiling was raised five times when George W. Bush was president.