Trade Masters Chronicle
  • Economy
  • Editor’s Pick
  • Investing
  • Latest News
No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Latest News
No Result
View All Result
Trade Masters Chronicle
No Result
View All Result

Fact-checking Day 3 of the 2024 Democratic National Convention

by
August 22, 2024
in Investing
0
Fact-checking Day 3 of the 2024 Democratic National Convention

The third night of the 2024 Democratic National Convention in Chicago featured more mostly thematic speeches, including by former president Bill Clinton, House Democratic leader Hakeem Jeffries and vice-presidential nominee Tim Walz. Here are four claims that caught our attention, in the order in which they were made.

As is our practice, we do not award Pinocchios for a roundup of statements made during convention events.

“Page 451 says the only legitimate family is a married mother and father where only the father works.”

— Colorado Gov. Jared Polis

It’s a matter of interpretation. Polis was one of several speakers during the convention who have highlighted passages in a Heritage Foundation report called “Mandate for Leadership,” a 922-page catalogue of conservative proposals that is popularly known as Project 2025.

But the report’s Page 451 does not use the words that Polis suggested he was quoting, nor does it say that mothers should not work. On that page is a proposal for the Department of Health and Human Services to promote “stable and flourishing married families.”

“Families comprised of a married mother, father, and their children are the foundation of a well-ordered nation and healthy society,” the report says, accusing the Biden HHS of “agenda items focusing on ‘LGBTQ+ equity,’ subsidizing single-motherhood, disincentivizing work, and penalizing marriage.”

The report also says that “working fathers are essential to the well-being and development of their children, but the United States is experiencing a crisis of fatherlessness that is ruining our children’s futures.” To combat this trend, the report says, “HHS should prioritize married father engagement in its messaging, health, and welfare policies.”

While Page 451 doesn’t actually say that the “only legitimate family” is the one it defines here, the implication is nonetheless strong. (Project 2025 page-number callouts in a skit by comedian Kenan Thompson mostly described the proposals on those pages accurately.)

“Trump was the mastermind of the GOP tax scam, where 83 percent of the benefits went to the wealthiest 1 percent in America.”

— House Minority Leader Hakeem Jeffries (D-N.Y.)

This is mostly false. Jeffries loves this statistic, but we gave him Three Pinocchios for it in 2021.

When both the Joint Tax Committee and the Tax Policy Center looked at the impact of the 2017 tax bill, they concluded that most people would experience an overall reduction in taxes. The Tax Policy Center found that 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In the middle quintile, 91 percent would get a tax cut, averaging about $1,090, with 7.3 percent facing a tax increase averaging about $910.

Notice how Jeffries said that 83 percent “went” to the top 1 percent? He’s speaking in the past tense. But he’s relying on data for the year 2027 — three years from now — that is distorted by a decision made by the Republican tax-writers when crafting the bill.

Technically, under the budget rules agreed by Congress, the tax bill was supposed to increase the budget deficit by only $1.5 trillion over 10 years. But there was too much pressure to add in as many tax goodies as possible, so Republicans decided to allow significant provisions, such as individual tax cuts, to expire a couple of years before the end of the period budgeted for the tax cut.

This budget gamesmanship means that the tax tables for 2027 are distorted. The corporate tax cuts stay intact, but virtually all of the tax cuts for individuals were canceled, as Republicans bet that political pressure to keep the individual tax cuts in place would force a future Congress to extend them.

That may or may not have been a good wager. But politically it gave the Democrats a useful (if misleading) talking point. The 2027 tax tables produced by the Tax Policy Center show 82.8 percent of the tax cuts will flow to the top 1 percent. These numbers would be fine to cite in 2027, assuming the tax cuts expired on schedule. But it makes little sense to use them now.

“Since the end of the Cold War in 1989, America has created about 51 million new jobs. I swear I checked this three times. Even I couldn’t believe it. What’s the score? Democrats 50, Republicans 1.”

— Former president Bill Clinton

This is a cleverly cherry-picked fact. Clinton starts with the end of the Cold War, presumably the fall of the Berlin Wall on Nov. 9, 1989, which (economically speaking) is somewhat arbitrary. Economic trends such as job growth are not determined by presidential terms but often economic forces beyond a president’s control.

Bureau of Labor Statistics data show that nearly 50 million jobs were created from November 1989 through July of this year.

By starting during George H.W. Bush’s term, Clinton skips over Ronald Reagan, a Republican who oversaw the creation of 16 million jobs. Instead, the period covered by his statistic included three Republicans — Bush, his son George W. Bush and Trump — who had poor jobs records. About 1 million jobs were created from November 1989 to the end of the first Bush term, 1.4 million under his son, and then a negative 2.7 million under Trump (because of the pandemic). All three Republicans ended their terms with the country in economic downturns.

By contrast, 22.9 million jobs were created under Clinton, 11.6 million under Barack Obama and 15.8 million under President Joe Biden.

You will note that gives the Democrats 50.3 million jobs and the Republicans a negative 300,000. Perhaps Clinton thought that would sound too fantastical. So it appears as if he dated his statistic from January 1989, which results in a total of 51.5 million jobs, with about 1.3 million for Republicans.

“They’ll repeal the Affordable Care Act. They’ll gut Social Security and Medicare, and they will ban abortion across this country with or without Congress.”

— Vice-presidential nominee Tim Walz

This is speculative. Trump has insisted he will not touch Social Security or Medicare — and he largely kept to that pledge during his presidency.

He tried repeatedly to repeal the Affordable Care Act when he was president, but failed. After he announced he would seek the presidency again, Trump suggested again he would seek to repeal the health-care law passed in Obama’s presidency. But the ACA remains popular, and Trump dropped that talking point more than a year ago.

As for abortion, Trump has said the Supreme Court sent the matter to the states and that each state can set its own policies. But many conservative allies are eager to restrict abortion rights even further, perhaps using old laws on the books (such as the Comstock Act of 1873) in new and aggressive ways. Walz hinted at that by saying Trump would act “with or without Congress.”

(About our rating scale)

Send us facts to check by filling out this form

Sign up for The Fact Checker weekly newsletter

The Fact Checker is a verified signatory to the International Fact-Checking Network code of principles

This post appeared first on washingtonpost.com
Previous Post

Tim Walz bolstered by Clinton, Pelosi and Oprah in formal debut as Harris’s VP

Next Post

Oprah says in surprise DNC speech to choose ‘joy’ and vote Harris

Next Post
Oprah says in surprise DNC speech to choose ‘joy’ and vote Harris

Oprah says in surprise DNC speech to choose ‘joy’ and vote Harris

  • Trending
  • Comments
  • Latest
Gold and silver: the price of gold has resistance at $2360

Gold and silver: the price of gold has resistance at $2360

May 29, 2024
S&P 500 climbed 0.3%, and Nasdaq-100 futures  jumped 0.7%

S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7%

December 4, 2024
Amazon’s $4 billion investment in AI firm Anthropic faces U.K. merger investigation

Amazon’s $4 billion investment in AI firm Anthropic faces U.K. merger investigation

August 9, 2024
Is XRP a Good Investment? Expert Insights for 2024

Is XRP a Good Investment? Expert Insights for 2024

July 12, 2024
Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

0
Wendy’s will offer $3 breakfast deal, as rivals such as McDonald’s test value meals to drive sales

Wendy’s will offer $3 breakfast deal, as rivals such as McDonald’s test value meals to drive sales

0
Amal Clooney played key role in ICC arrest warrants for Netanyahu, Hamas leaders

Amal Clooney played key role in ICC arrest warrants for Netanyahu, Hamas leaders

0
Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon Gekko, dead at 87

Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon Gekko, dead at 87

0
Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

May 9, 2025
Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

May 9, 2025
Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

May 9, 2025
Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

May 9, 2025
Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent News

    Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

    Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

    May 9, 2025
    Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    May 9, 2025
    Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

    Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

    May 9, 2025
    Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

    Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

    May 9, 2025

    Top News

    Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

    Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say

    May 9, 2025
    Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins

    May 9, 2025

    Latest News

    • Trump’s tax hike proposal is ‘déjà vu’ of George H. W. Bush’s ‘read my lips’ moment, experts say
    • Pope Francis-era deal with Chinese Communist Party again under scrutiny as Pope Leo takes the reins
    • Vance says India-Pakistan conflict ‘none of our business’ as Trump offers US help

    About Trade Masters Chronicle

    • About us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 TradeMastersChronicle.com. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Latest News

    Copyright © 2025 TradeMastersChronicle.com. All Rights Reserved.