Daily Independent (Ashland, KY)

Local News

October 16, 2012

Presidential debate fact checking

WASHINGTON —  In the rough-and-tumble of a town hall-style debate, not all of the presidential candidates' claims stood up to scrutiny Tuesday night.

Yet again, President Barack Obama claimed that ending the Afghanistan and Iraq wars makes money available to "rebuild America," even though it doesn't. And he pointed to a string of job creation while ignoring the job losses that came before it, on his watch.

Republican Mitt Romney actually corrected some of the errant claims he's made before, while stretching the facts on the auto bailout he opposed.

A look at some of their claims:

OBAMA: "Let's take the money that we've been spending on war over the last decade to rebuild America, roads, bridges, schools. We do those things, not only is your future going to be bright, but America's future is going to be bright as well."

THE FACTS: What Obama didn't mention is that much of the money that has been paying for the wars in Iraq and Afghanistan was borrowed. In fact, the government borrows nearly 40 cents for every dollar it spends. Thus using money that had been earmarked for wars to build schools and infrastructure would involve even more borrowing, adding to the federal deficit.

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ROMNEY: "I know he keeps saying, 'You want to take Detroit bankrupt.' Well, the president took Detroit bankrupt. You took General Motors bankrupt. You took Chrysler bankrupt. So when you say that I wanted to take the auto industry bankrupt, you actually did. And I think it's important to know that that was a process that was necessary to get those companies back on their feet, so they could start hiring more people. That was precisely what I recommended and ultimately what happened."

THE FACTS: What Romney recommended did not happen, and his proposed path probably would have forced General Motors and Chrysler out of business. He opposed using government money to bail out the automakers, instead favoring privately financed bankruptcy restructuring. But the automakers were bleeding cash and were poor credit risks. The banking system was in crisis. So private loans weren't available. Without government aid, both companies probably would have gone under and their assets sold in pieces.

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