The Daily Item, Sunbury, PA

News

October 3, 2012

FACT CHECK: Presidential debate missteps

(Continued)

OBAMA: It’s important “that we take some of the money that we’re saving as we wind down two wars to rebuild America.”

THE FACTS: This oft-repeated claim is based on a fiscal fiction. The wars in Iraq and Afghanistan were paid for mostly with borrowed money, so stopping them doesn’t create a new pool of available cash that can be used for something else, like rebuilding America. It just slows down the government’s borrowing.

ROMNEY: “At the same time, gasoline prices have doubled under the president. Electric rates are up.”

THE FACTS: He’s right that the average price has doubled, and a little more, since Obama was sworn in. But presidents have almost no influence on gasoline prices, and certainly not in the near term. Gasoline prices are set on financial exchanges around the world and are based on a host of factors, most importantly the price of crude oil used to make gasoline, the amount of finished gasoline ready to be shipped and the capacity of refiners to make enough to meet market demand.

Retail electricity prices have risen since Obama took office — barely. They’ve grown by an average of less than 1 percent per year, less than the rate of inflation and slower than the historical growth in electricity prices. The unexpectedly modest rise in electricity prices is because of the plummeting cost of natural gas, which is used to generate electricity.

OBAMA: “Independent studies looking at this said the only way to meet Gov. Romney’s pledge of not ... adding to the deficit is by burdening middle-class families. The average middle-class family with children would pay about $2,000 more.”

THE FACTS: That’s just one scenario. Obama’s claim relies on a study by the Tax Policy Center, a Washington research group. The study, however, is more nuanced than Obama indicated.

The study concludes it would be impossible for Romney to meet all of his stated goals without shifting some of the tax burden from people who make more than $200,000 to people who make less.

In one scenario, the study says, Romney’s proposal could result in a $2,000 tax increase for families who make less than $200,000 and have children.

Romney says his plan wouldn’t raise taxes on anyone, and his campaign points to several studies by conservative think tanks that dispute the Tax Policy Center’s findings. Most of the conservative studies argue that Romney’s tax plan would stimulate economic growth, generating additional tax revenue without shifting any of the tax burden to the middle class. Congress, however, doesn’t use those kinds of projections when it estimates the effect of tax legislation.

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