Mitt Romney gave a misleading answer to a question about Social Security during a feisty exchange with a heckler in Iowa. He said payroll taxes take 15.3 percent "out of your earnings," but only the self-employed pay that rate. All other workers pay half of that, with the other half being paid for by the employer.
The Republican presidential candidate and former Massachusetts governor also said that the payroll tax rate would have to go up to 44 percent to pay for Social Security,
Howard Dean Overstates Cost of Tax Cuts
Howard Dean falsely claimed that "60 percent of the deficit is due to the Bush tax cuts." Last year, the nonpartisan Congressional Budget Office said that allowing the tax cuts to expire at the end of 2010 would decrease the deficit from $1.3 trillion in 2010 to $1.07 trillion in 2011. That's a 17.7 percent drop. It's sizable. But it's not 60 percent.
Dean, the former Vermont governor and Democratic National Committee chairman, made his claim on CBS'
More Mediscare
Newspaper ads from a conservative group make the disputed claim that "Obama's Medicare Plan Will Increase Medicare Premiums." The "plan" it refers to is actually designed to produce lower prices for low-income Medicare Part D beneficiaries and taxpayers. And whether drug companies would increase prices to others in response is a matter of conjecture, not fact. Experts have differing views. And the sponsor of the ad — whose sister organization produced a study supporting the claim —
Romney’s Windy Web Video
A Mitt Romney online video overstates the growth of Chicago's unemployment rate under President Obama. The ad says that Chicago's unemployment is up 48 percent, which is true since November 2008. But Obama didn't take office until Jan. 20, 2009, and the city's unemployment rate has increased 26.7 percent since then. That's still a large jump, to be sure, but not nearly as high as the video claims.
The Web video — titled "Obama Isn't Working: Chicago"
Reid Wrong on Bush’s Economic Record
Sen. Harry Reid falsely claimed that 8 million jobs were lost during the Bush administration. To the contrary, there was a net gain of 1 million jobs under President George W. Bush. It's true that more than 8 million jobs were lost as a result of the recent recession — from the job peak to trough — but only about half of those were lost under Bush.
The Nevada Democrat also falsely claimed that Bush turned a projected surplus of $7 trillion over 10 years into a $14 trillion debt.
Bachmann’s Histrionics on Health Care
Michele Bachmann incorrectly claimed the new health care law is "the largest spending and entitlement program ever passed in our nation's history." The nonpartisan Congressional Budget Office estimates that the health care provisions of the law will cost roughly $169 billion in fiscal year 2016, the first year of full implementation. But that's far less than what Social Security or Medicare or Medicaid each will cost that same year.
The Minnesota Republican and presidential candidate made her claim during a July 28 speech at the National Press Club.
LaHood Pads Job Losses
The transportation secretary overstated the number of construction jobs lost because Congress has failed to pass a federal aviation bill. Ray LaHood claimed that "as many as 70,000 construction workers across America are out of work," because of the congressional stalemate. That's the number of jobs a construction industry analysis said would be "affected" in some way. The industry study puts the number of construction workers who are actually "out of work" at 24,000.
LaHood, a former Illinois congressman,
Default ‘Danger’ Revisited
President Obama's communications director said we’ve "never" been in danger of defaulting before. That's not true. Congress has come close to failing to raise the debt ceiling before defaulting more than once in recent years, under both Presidents Bill Clinton and George W. Bush.
White House Communications Director Dan Pfeiffer appeared on CNN's "John King USA" on July 26, and he told guest-host Jessica Yellin that "in the 200-plus years of our country, we've never been in a situation where we have been in danger of defaulting on our obligations."
Romney’s Economic Exaggerations
Mitt Romney mistakenly claimed the U.S. is experiencing "the worst recovery … in America's history," citing the Wall Street Journal. But the newspaper article said it was "the worst, or one of the worst, since the government started tracking these trends after World War II." That obviously does not include the recoveries following the Great Depression or 20 other economic downturns that have occurred since 1857.
Romney, the former Massachusetts governor who is running for president,
McConnell’s Debt Claim ‘Rejected’
Sen. Mitch McConnell wrongly claimed President Obama "rejected the only plan the Democrats have proposed" to raise the debt ceiling. That's not true. The White House has explicitly supported the proposal.
The Senate minority leader made the false statement in a July 26 speech on the Senate floor.
McConnell, July 26: Last night the president rejected not just the only proposal that has passed either house of Congress, he rejected the only plan the Democrats have proposed as well —