Heritage Foundation looks at facts mentioned in first Presidential Debate (Part 3)

FIRST PRESIDENTIAL DEBATE – Barack Obama VS Mitt Romney (Part 5)

Published on Oct 3, 2012 by

Barack Obama & Mitt Romney Full Presidential Debate

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Setting the record straight on the first presidential debate is very easy if you are a reader of the Heritage Foundation website!!! Here are some examples below taken from Romina Boccia‘s excellent article from October 4, 2012:

Romina Boccia

October 4, 2012 at 5:41 pm

During last night’s presidential debate, claims were flying fast and furious. Some of these claims were true, others false. Here are the top 10—see which ones you can guess as either true or false.


 

7.      Natural gas production is up in spite of Obama’s policies, not because of them.

Romney: “[T]he President pointed out correctly that production of oil and gas in the U.S. is up. But not due to his policies. In spite of his policies. Mr. President, all of the increase in natural gas and oil has happened on private land, not on government land.”

True.Much of the increased oil and gas production is on private lands, over which the Administration has no control. According to a recent report from the Energy Information Administration, energy production decreased 13 percent on federal lands in fiscal year (FY) 2011 compared to FY 2010.

8.      Businesses can take a deduction for moving jobs overseas.

Obama: “I also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas.”

False.President Obama falsely claimed businesses can take a deduction for moving jobs overseas. No such deduction exists. Moreover, President Obama demonstrates a fundamental misunderstanding of how the global economy works by suggesting that companies investing overseas destroy jobs at home. A U.S. business investing abroad is good for the U.S. economy because it makes the company more competitive at home and abroad in selling products into global markets, which often creates more jobs for Americans.

9.      America’s corporate tax rate is uncompetitive.

Obama: “When it comes to our tax code, Governor Romney and I both agree that our corporate tax rate is too high, so I want to lower it, particularly for manufacturing, taking it down to 25 percent.”

True. At over 39 percent, the U.S. has the highest corporate tax rate among industrialized nations. The average of all industrialized countries in the Organization for Economic Co-operation and Development (OECD), including the U.S. rate, is about 25 percent. To regain standing compared to competing nations, Congress should lower the rate so it is on par with the current OECD average. Despite this, President Obama has proposed to raise taxes on those firms with multinational operations. This would not insource jobs, but outsource ownership of U.S. firms.

10.  Social Security is structurally sound.

Obama: “Social Security is structurally sound. It’s going to have to be tweaked, [but] the basic structure is sound.”

False. Social Security is running permanent and growing deficits, threatening a 25 percent cut in Social Security benefits in 21 years. The Congressional Budget Office (CBO) recently confirmed that Social Security has been running deficits of about 4 percent for two years in a row and that these will only get worse over time. CBO projects that Social Security’s deficits will average 10 percent over the next decade and then exceed 20 percent by 2030 as more baby boomers retire.

FIRST PRESIDENTIAL DEBATE – Barack Obama VS Mitt Romney (Part 7)

Published on Oct 3, 2012 by

Barack Obama & Mitt Romney Full Presidential Debate

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