I haven’t seen if any of the fact-checkers actually fact-checked Obama’s 60 Minute’s interview, so I decided to do it myself.
Steve Kroft: Mr. President, you were elected four years ago, promising hope and change for the better. Your opponent argues that you have achieved neither. The country has rarely been so divided politically. And people are afraid for their jobs. I know you know that. People are fearful about the future for their families. How do you respond to that?
President Barack Obama: I think it’s important to know where we’ve been and how far we’ve traveled. The month I was sworn into office, we were losing 800,000 jobs a month. We ultimately would lose nine million jobs during the height of that great recession. We came in, made some tough decisions. Everything from stabilizing the financial system to making sure that the auto industry survived, to making sure that we cut taxes for middle class families so they had more money in their pockets, to helping states avoid massive layoffs of teachers and firefighters and police officers. And because of that, we’ve now had 30 months of job growth, four and a half million new jobs, half a million jobs in manufacturing alone. And the question now for the American people is, “Do we keep moving forward and continue to make progress or do we go backwards to the very policies that got us into this mess in the first place?” We probably have not seen a clearer choice in an election in my lifetime.
Why doesn’t a single journalist every call out Obama’s bullshit to his face? Again, if we were losing 500,000 jobs per month and unemployment was 7.8%, how many jobs were lost as the unemployment rate hit 8%, 9% and eventually 10%? As for the stabilizing the financial system, another fallacy. The financial system is close to collapsing and if not for the Federal Reserve monetizing the debt to help Wall Street & bankers, it would have already happened.
The auto bailout was started by Bush but Obama seems to enjoy taking credit for it. Obama leaves out that the taxpayers will lose at least $25 billion and that Chrysler is now owned by a foreign company, Fiat. Obama didn’t mention that GM is begging for the Treasury Dept. to sell off the government’s share of stocks to get out from under government rule. Selling these stocks at a lower price will cost taxpayers billions more.
As for the mythical “created 4.5 million,” Obama is cherry-picking dates and information. Obama doesn’t count the jobs lost during his first year in office. CNN somewhat fact-checked Obama on these numbers, but even CNN spun them to show a 300,000 net jobs increase while leaving out the record number of Americans who have dropped out of the labor force and are not counted in the unemployment figures. Under Obama, the labor force participation rate is at a 31-year low (65.7% when Obama took office vs 63.5% in 2012). Unemployment would be at 11.2% if the labor force numbers were the same when Obama took office.
Kroft: On the campaign trail, Gov. Romney has been portraying you as a nice guy who doesn’t have a clue about the economy or how the country works. That private enterprise is the engine of growth in this country. And that’s what creates jobs, not big government. And that you’re crushing economic freedom with taxes, regulations, and high-cost health care.
Obama: Well, it’s a lot of rhetoric, but there aren’t a lot of facts supporting it. Taxes are lower on families than they’ve been probably in the last 50 years. So I haven’t raised taxes. I’ve cut taxes for middle class families by an average of $3,600 per typical family. When it comes to regulations, I’ve issued fewer regulations than my predecessor, George Bush, did during that same period in office. So it’s kind of hard to argue that we’ve overregulated. Now, I don’t make any apologies for putting in place regulations to make sure banks don’t make reckless bets and then expect taxpayers to bail them out. I don’t make any apologies for regulating insurance companies, so that they can’t drop a family’s coverage, just when somebody in their family needs it most. And, you know, the problem that Gov. Romney has is that he seems to only have one note: tax cuts for the wealthy and rolling back regulations as a recipe for success. Well, we tried that vigorously between 2001 and 2008. And it didn’t work out so well.
The tax rates haven’t change under Obama since Obama extended Bush’s tax rates in 2010. So, where did Obama come up with the $3,600 per family claim? Maybe Obama got those numbers confused with the drop in median household income that the middle class has suffered under Obamanomics. Obama failed to mention the 18 new taxes that have/will hit the middle class in his Obamacare Tax.
As for issuing less regulations, Obama flat-out lied to Kroft’s face. Regulations are higher under Obama than Bush. Not to mention, the Obama regime was held in contempt of court over their drilling moratorium, was told by a federal court his FCC could not regulate free speech.
Kroft didn’t mention MF Global stealing billions after Obama bragged about putting regulations on banks. Think that is due to the fact that MF Global’s CEO is an Obama bundler Jon Corzine, an ex Democratic Senator who the Obama administration received ‘economic advice‘ from. No questioning by Kroft as to why there have been zero bankers charged with fraud under Team Obama due to the fact that AG Eric Holder, and others at the DOJ, represented these crooks at Holder’s old law firm Burling & Covington.
As for Obama’s claim that things didn’t work out so well between 2001 and 2008. The numbers from 2001 to 2008 are significantly better than the numbers produce under Obama from 2009 til present. The numbers don’t lie. Obama told a lot of lies in this interview and I will follow up on those lies later today.
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