Posted by: The Busy Post | August 31, 2012

Fact Checking the ‘ABC News Fact Check of: Mitt Romney’s Republican National Convention Speech’


By   (pictured above)

Aug. 31, 2012

Mitt Romney accepted the Republican nomination for president Thursday night in Tampa, Fla., and while most of the speech that followed focused on his personal story and a vague lament for the troubled U.S. economy, he also made some very specific claims about President Obama’s record and his own plans, if elected 66 days from now.

Here’s a closer look at some of Romney’s more contentious assertions.

‘At a time when nobody thought we’d ever see a new steel mill built in America, we took a chance and built one in a corn field in Indiana. Today, Steel Dynamics is one of the largest steel producers in the United States.’

The Fort Wayne, Ind.-based steel company now employs about 6,000 employees. But it was not built by Bain Capital alone. Romney’s private equity firm invested $18.2 million in the project, just as plans for the mill were being finalized in June 1994. That figure was more than doubled by state and county subsidies, adding up to more than $37 million. Bain was the U.S.-based company with the greatest stake in Steel Dynamics Inc., but it was bolstered by a friendly local government that, according to the Los Angeles Times, “also levied a new income tax to finance infrastructure improvements to benefit the steel mill over the heated objections of some county residents.”

So Bain Capital is the driving force behind the Steel Company?  ‘State and county subsidies’ are common when deciding where to build a plant or open an office.  The fact that ‘some county residents’ objected is meaningless.  Whenever you get 2 or more people affected by anything, someone will naturally object to something!

‘[President Obama’s] policies have not helped create jobs, they have depressed them.’

The effect of the president’s economic policies on the jobs market is open to interpretation — perhaps they’ve helped, perhaps they’ve hurt — but the fact is that the private sector has been adding jobs, an estimated 4.5 million, for the past 29 consecutive months.

In January, 2008 146,397,000 people were employed; in July, 2012 142,220,000 people were employed, I only have a public school education but to me that is 4,177,000 less people working!

‘That’s the real fact Jack!’

Source:  Data extracted on: August 31, 2012 (1:13:23 PM)

Labor Force Statistics from the Current Population Survey

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

‘His $716 billion cut to Medicare to finance Obamacare will both hurt today’s seniors, and depress innovation.’

The now-famous $716 billion is not a “cut” to Medicare, in the sense that it does not take from the “trust fund” or reduce the amount of money available to beneficiaries. Rather, the Obama plan, like Paul Ryan’s, puts caps on the amount the government will pay to health-care providers. And while some of those savings, which were codified in The Affordable Care Act, have been counted by the White House against the new costs incurred by health-care overhaul, there is no real connection; there are no dollar bills once marked “Medicare” that have been scrubbed clean and shifted to cover expenses under the Obama health care law.

This is the old ‘cuts in waste, fraud and abuse’ fudge factor.  It was the ‘plug amount’ to get The Affordable Care Act ‘budget neutral. 

The ‘cuts in waste, fraud and abuse’ should never be articulated from Washington again.  They never make ANY cuts, even in waste, fraud and abuse!

‘And unlike the president, I have a plan to create 12 million new jobs.’

If Mitt Romney were elected president in November, he is likely to oversee an economy that gains 12 million new jobs in the next four years. But, as Mark Hopkins, a senior analyst at Moody’s told the Washington Post, “the baseline forecast is for payroll employment to increase by 12 million jobs from the start of 2013 to the end of 2016.”

Of the Republican’s plan, he says, “Romney is essentially promising no more jobs than we currently expect to gain under proposals similar to those advanced by the Obama administration.”

It took me a while, but I found an article describing Mr. H0pkins logic, or lack of.  I’ll just point out one of Mr Hopkins ‘logical’ arguments and let the rest of his arguments speak for themselves!

* Balancing the budget: Hopkins: “If there is a crisis of confidence in your country, then what you need to do is show you’re responsible. But by tightening your belt you send the economy back into recession. You won’t see an increase in confidence. You’ll see the opposite.”

Let that sink in for a minute….. Balancing your budget causes a decrease in confidence.  All I can say is – WTF?

* Tapping energy resources to put people to work in the energy sector: Hopkins: “The reality is that you’re talking about people only in energy producing states. If you double the amount of people working in the industry over the next four years it doesn’t move the needle a whole lot.”

* Repealing ObamacareHopkins: “The central problem is not burdensome regulations. It’s that people can’t sell anything. There may be some anecdotal evidence for the argument that Obamacare is scaring people from hiring, but that’s not even a second order explanation for unemployment.”

* Lower tax rates on employers:Hopkins: “It’s clear that lowering corporate tax rates and the marginal tax rate on high income earners would help boost investment and long run growth. But there’s a tradeoff in terms of revenues, and it would have little impact on short term job growth. Since the recession, the cost of labor in the United States has been rising much slower than usual. Cutting these taxes won’t solve the problem of weak demand.”

* Open up new markets in American trade: Hopkins: “The president has actually been pushing this himself. The burden is on Romney to say what he would do differently.”

* Revamp the NLRB: Hopkins: “This is just aimed at businesses. It’s not clear to me that everything that’s good for business is good for economic growth. His suggestion is that we should remove impediments to business. But it’s not clear that impediments to hiring are the main problem.”

More conservative economists, of course, would probably differ with their assessments. But at a minimum, it’s time to hear from as many economists as possible on whether Romney’s ideas would pull us out of the short term crisis.

‘[President Obama] abandoned our friends in Poland by walking away from our missile-defense commitment.’

Here, Romney goes back to one poorly received comment he made during his star-crossed trip to Europe and the Middle East. Before he left in late-July, Romney, in a speech to the VFW, said Obama’s actions in the region “began with the sudden abandonment of friends in Poland and the Czech Republic. They had courageously agreed to provide sites for our anti-missile systems, only to be told, at the last hour, that the agreement was off.”

That didn’t sit well with the Slovakian foreign minister and deputy prime minister, Miroslav Lajcak, who told The Wall Street Journal, “People have moved on. We are in a different situation now. We are discussing a different project. I see no reason to revisit discussions from three years back.”

In The Wall Street Journal article that is linked to states that the Slovs were never on board with the defense system being located in Poland and the Czech Republic,!

During the Bush administration some Slovakian political leaders were critical of the missile defense plans in Poland and the Czech Republic, saying it was a bilateral, not a multilateral approach. But the Slovakian government has embraced the Obama administration’s missile defense plan, which relies on ship-based, not land-based, interceptors and is being developed under the umbrella of the North Atlantic Treaty Organization.”

All of this leads me to one conclusion.

via Fact Check: Mitt Romney’s Republican National Convention Speech – ABC News.


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